Domestic Relations Orders

Domestic Relations Orders

When a domestic relations order (a “DRO”) is received in connection with the Superior Officers Council Annuity Trust Fund Plan (the “Plan”), its status shall be determined as follows: 

A DRO is defined as any judgment, decree, or order (including approval of a property settlement agreement) which relates to the provision of child support, alimony payments, or marital property rights to an Alternate Payee made pursuant to a State domestic relations law (including a community property law). In order for a DRO to be deemed “qualified” for purposes of the Plan, such order must create or recognize the existence of an Alternate Payee’s right to, or assign to an Alternate Payee the right to, receive all or a portion of the benefits payable with respect to a Participant under the Plan, and must be drafted consistent with the intent and principles of Section 414(p) of the Internal Revenue Code of 1986, as amended, as determined by the Trustees taking into consideration the governmental status of the Plan and the general inapplicability of ERISA. For purposes of this procedure, the term “Alternate Payee” means any spouse, former spouse, child, or other dependent of a Plan Participant who is designated by a DRO as having a right to receive all or a portion of the benefits payable under the Plan with respect to the concerned Plan Participant.