Retirement & 401(k) plans (QDROs)
Generally, retirement benefits that you earn while married are considered owned by both you and your spouse and are subject to the division of marital property as determined by the divorce court. The exact rules for dividing the retirement moneys are governed by state law. Because dividing retirement benefits can be complex, it is strongly recommended that an attorney represent you in your divorce proceedings.
The process of dividing the retirement benefits is called a Qualified Domestic Relation Order (QDRO) and is a separate legal document from your divorce decree. An attorney prepares a QDRO document which divides the retirement benefits based upon the agreement reached between both parties and approved by the judge. The QDRO is then submitted to the retirement plan administrator who determines if the court order is “qualified.”
A QDRO is considered to be qualified if it meets the requirements of Internal Revenue Code (IRC) section 414(p). QDRO Requirements.
Upon receipt, the plan administrator has 60 days to determine if the domestic relation order is qualified. Once approved, the plan administrator will establish separate accounts for all defined contribution plans for the alternate payee (e.g. ex-spouse) at the valuation date for the plan. For the defined benefit plan the value of the benefit will be calculated and payable at retirement age.
ABX Air has contracted with Milliman Consultants & Actuaries to process all QDROs. Your attorney should contact Milliman and request to speak with the ABX Air QDRO Administrator. The QDRO Administrator will send your attorney the necessary information to allow your attorney to prepare an acceptable QDRO.
ABX Air QDRO Administrator
Milliman Consultants & Actuaries
1-877-725-8672
11:30 am to 7:45pm Eastern Time
Voice mail available after hours
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