Our one-time flat rate fee is $400.00 which includes the preparation of the proposed draft order through the plan approval process. This fee covers any and all revisions or rewrites as well any communication between the attorney and plan administrators in an effort to finalize wording and/or acceptance of an Order.
It is not unusual to expect a domestic relations order to be rejected by the plan administrator and require one or two revisions or rewrites. We feel our one-time flat rate fee is a worthwhile investment to any attorney seeking a helping hand with the intricacies of QDRO processing.
If more than one retirement plan is slated for distribution, we offer a discounted rate of $250.00 for any additional orders as long as it is for the same parties and the same hiring attorney. If a plan provider will accept language addressing more than one plan in which an individual participates we will include the additional language within the same order at no additional fee. Please note there are only a few providers that will allow this exception.
The greatest potential liability is generally the failure on the part of an attorney to obtain a domestic relations order that meets the terms of the settlement and is subsequently approved by the Plan Administrator. We strongly recommend that QDRO orders be drafted and entered by the judge immediately following the signed decree, judgment or order between the parties and sent to plan administrators to process. Plan administrators require a copy of the decree or judgment be sent at the time the QDRO is submitted to the administrator. We also recommend that the proposed QDRO be ready to be sent to the plan administrator at the time of signing the final decree.
Some court jurisdictions require the QDRO be sent to the plan administrator for preapproval. If preapproval process is not required under your court’s jurisdiction, we recommend the QDRO be entered at the same time as the final decree and sent to the plan administrator for processing. This will secure and protect the intent of the parties in the event of death, termination of employment or retirement by the pension holder. Also, more importantly it secures that portion awarded to the non-participant should the former spouse withdraw any contributions made to the plan at the time of separation from service or retirement.
We are not attorneys; rather, we specialize in drafting domestic relation orders with language that is specific to the plan at hand. We pride ourselves by offering hand held service with attorneys who may not be as familiar with the QDRO process. We are there from the beginning of the QDRO through acceptance and approval from plan administrators. Throughout the years we have drafted thousands of orders that have been executed by judges and have been reviewed, approved and accepted by Plan Administrators throughout the country. If the order is rejected, for any reason, we do not charge any additional fees to revise or rewrite the order.
We work with attorneys in Minnesota, Wisconsin, Texas, Arizona, New Hampshire, New York, Massachusetts, Pennsylvania, New Jersey, Delaware, Maryland, Virginia, West Virginia, North Carolina, South Carolina, Indiana and Florida to name a few.
We welcome questions. Attorneys may only have questions regarding the QDRO process. We are happy to answer any questions and provide information even if we are not retained to prepare the order.