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Question

Asked 9/21/2010

How long does my ex's company have to pay me out fom a court order qudro on 401k/esop

The company has had the court order since June 10. what can I do?

 
 
 
 
 
Answers

Answer 1/4 - Submitted 9/21/2010

Ask the court to file contempt of court against the company, or better yet do a background check on the companies assets and prepare garnishment and.or lien holdings against their assets. I hope this helps? Good luck.

 
 

Answer 2/4 - Submitted 9/22/2010

If you have the document you signed to set up the account you should have everything you need. Read the document carefully and it should give the time frame in which they have to respond to your request for payment. However the court order will superceed any time frame established by the original document, then you will need to consult the document that mandated the court order.

 
 

Answer 3/4 - Submitted 9/22/2010

QDRO generally does not mandate how fast they have to complete the process to pay out. The sponsor (employer) will pass the QDRO to the 410K vendor to process it. Then the vendor will have the legal department to review it to see if it is complete and clearly define how to divide the funds in the 401K. This process generally takes three to four weeks. You should follow up in about one month.

 
 

Answer 4/4 - Submitted 11/6/2010

If you are awarded part of your spouce's 401K, your part is removed upon issurance of the judgement or order. However in order to get this money, you need an attorney to perpare a DRO- qualified domestic relations order, which must be written to meet the specific 401K plan requirements. When you get the money, you roll it over into an IRA for your own retirement. For additional information contact a lawyer.

 
 
 
 
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