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I was awarded ,half of my ex spouse pension .Through Qdro, would I have to wait until he retire to do rollover to Ira?

Aug 29, 2015 in  |  Flag
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John Essigman Level 17

Hi,

I would suggest that you proceed with your QDRO as quickly as possible. Your portion of the pension, IRA, or 401(k) is rightfully yours. It is possible for your former spouse to pass away, remarry or simply liquidate the entire account thus making a QDRO much more complex or difficult to enforce.

Highly recommend that you seek the assistance of a fee-only adviser to help you through this process or call my office first thing on Monday. Do not delay...

Warmest regards
John Essigman
www.bluecreek.net

Comment   |  Flag   |  Aug 30, 2015 from Cleveland, GA

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I agree that it is important to take care of this right away.

Comment   |  Flag   |  Sep 14, 2015

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Your question refers to a pension rather than a defined contribution plan like a 401k. Not to be nitpicking, but a "pension" usually refers to a defined benefit plan which, in most cases cannot be cashed out or rolled into an IRA. It's a lifetime payment that begins after retirement and ends at death. To make sure that you and the ERISA rules are on the same page I suggest calling on the services of a retirement planner. As a John Essigman suggests a fee-only financial advisor is highly recommended.

Comment   |  Flag   |  Sep 28, 2015 from Suffolk, VA

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