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U.S. Department of Labor announces final rules on pension distributions under qualified domestic relations orders
Washington – The U.S. Department of Labor today announced a final rule regarding certain requirements for qualified domestic relations orders (QDROs) under the Employee Retirement Income Security Act of 1974 (ERISA).
The rule is being issued under the Pension Protection Act of 2006, which requires the Labor Department to issue regulations clarifying that a domestic relations order otherwise meeting ERISA's QDRO requirements would not fail to be treated as a QDRO solely because of when it is issued or because it is issued after, or revises, another domestic relations order. The rule includes examples to address various circumstances involving the timing of a domestic relations order.
"Qualifying and administering domestic relations orders sometimes can be a difficult process. This rule will provide more clarity and make compliance easier for plan administrators so that plan participants and beneficiaries actually receive their benefits as ordered," said Assistant Secretary of Labor for Employee Benefits Security Administration Phyllis C. Borzi.
The regulation is published in the June 10, 2010, edition of the Federal Register. For more information about EBSA, please visit http://www.dol.gov/ebsa/ or the Labor Department website at http://www.dol.gov/.
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