For over 30 years, millions of QDROs have crossed the desks of companies and plan administrators who have the 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, I have 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. I have 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. I 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.
I 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. I have also included a complete set of model QDROs and plan guidelines and procedures that can be adapted for your clients’ use, as well as multiple choice QDRO exams with questions and answers to help train your QDRO staff. Whether your client receives just two QDROs a year or 200 or more, I encourage you to take advantage of our on-site QDRO training program.
Call QDRO Compliance Services today at (440) 567-0000 to learn more about our QDRO Training Program.