NJPERS does not offer a separate interest for a QDRO.
The QDRO must be prepared as a shared payment with the Participant as the measuring life.
If the benefit has not yet commenced the QDRO may award the Alternate Payee a survivor benefit.
However, the cost of the survivor benefit cannot be allocated solely to either party, unless...
A superseding QDRO may be entered once the Participant commences the retirement annuity, at that point the exact cost associated with the survivor benefit will be known.
The superseding QDRO may then automatically allocate the cost to the Alternate Payee (or the Participant).
For example: If total divisible benefit is $1,000 a month and each party is awarded 50% or $500 and assume the cost associated with the survivor annuity is $100.
The total divisible annuity is then reduced to $900 per month making the 50/50 split $450 to each party.
The superseding QDRO may then re-allocate the full $500 to the Participant and reduce the award to the Alternate Payee to $400 thereby assigning the full cost of the $100 survivor benefit cost to the Alternate Payee.
This is one of many scenarios, if this doesn't fit your case, I can provide other options.
Rodney D. Troyan, Esquire*
Troyan & Associates, P.A.
The QDROAttorney.com Firm
560 Communications Parkway
Sarasota, FL 34240
*(Admitted in):
New York, New Jersey, Florida, Washington, DC
Toll Free: (877) 443 – 4867
Email: [email protected]
Website: https://www.troyanlaw.com/
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