Recent Posts on QDROs
QDRO Training For Plan Sponsors and Third-Party QDRO Review Staff
Let QDRO Compliance Services train your staff how to quickly and efficiently review QDROs. We can save your company significant time and dollars handling the QDRO review process. If you are a third-party recordkeeper or QDRO Review Firm, we can train your staff and help you develop streamlined procedures to assure a quick, comprehensive and consistent review of QDROs for your corporate clients. And if you have new employees who are not sufficiently educated in the QDRO laws (or varous QDRO clauses) nor understand the mechanics of defined benefit and defined contribution plans, give us a call at (440) 567-0000 to find out how we can help.
For almost 40 years, millions of QDROs have crossed the desks of companies and plan administrators who have the legal obligation to review and administer them. Unfortunately, there are not many regulations in the area of QDRO administration, which means that the very same QDRO language could potentially be interpreted twenty different ways by twenty different plan administrators. Having drafted tens of thousands of QDROs for family law attorneys over the years, and reviewing even more than that for corporations and plan administrators, QDRO Compliance Services has developed unique insights into the myriad ways that QDROs can be drafted and ultimately interpreted by plan administrators.
Some companies are quite sophisticated in their QDRO administration and do a fine job from both an interpretative perspective and in terms of assisting their employees and legal counsel in expediting the QDRO process. But many companies and plan administrators can stand to do better—a lot better. QDRO Compliance Services has developed a classroom-style teaching approach to help your new and inexperienced QDRO processors become QDRO masters in short order. You should not assume that your QDRO review personnel understand QDROs the way they should. We have found that many QDRO processors are not very familiar with the mechanics of a defined benefit pension plan and cannot even explain what an accrued benefit is, let alone how it’s calculated; yet they are tasked with reviewing defined benefit QDROs every day. This can certainly lead to potential lawsuits or to interpreting a particular QDRO in a way that was never intended and that may be detrimental to your own employee.
QDRO Compliance Services can also teach your experienced QDRO administrators how to establish comprehensive QDRO review set-up criteria and streamlining techniques for defined benefit pension plans and defined contribution plans (including an array of default procedures) to help expedite the QDRO review process. Your employees will learn the 12 critical steps that should be followed by all companies upon receipt of a QDRO along with the proper sequence for reviewing QDROs.
We can also review your current model QDROs and plan guidelines and procedures to help streamline the process. Our training also includes multiple choice exams to help train your QDRO staff. Whether your company receives just two QDROs a year or 200 or more, we encourage you to take advantage of our QDRO training program.