§ 54-52.2-03.3 — Benefit payments to alternate payee under qualified domestic relations order

North Dakota § 54-52.2-03.3

• Jurisdiction: North Dakota
• Title 54: State Government
• Ch. 54-52.2: Deferred Compensation Plan for Public Employees

Text

order.
1. The board or a vendor contracted for by the board shall apportion a participating
member's account in the deferred compensation plan under this chapter in accordance
with the applicable requirements of any qualified domestic relations order. The board
shall review a domestic relations order submitted to the board to determine if the
domestic relations order is qualified under this section and pursuant to the plan
document established by the board for determining the qualified status of domestic
relations orders and administering distributions under the qualified orders.
2. A "qualified domestic relations order" for purposes of this section means any judgment,
decree, or order, including approval of a property settlement agreement, which relates
to the provision of child support, spousal support, or marital property rights to a
spouse, former spouse, child, or other dependent of a participating member, is made
pursuant to a North Dakota domestic relations law, and which creates or recognizes
the existence of an alternate payee's right to, or assigns to an alternate payee the right
to, receive all or a part of the benefits payable to the participating member. A qualified
domestic relations order may not require the board to provide any type or form of
benefit, or any option, not otherwise provided under this chapter, or to provide
increased benefits. A qualified domestic relations order must specify:
a. The name and the last-known mailing address of the participating member and
the name and mailing address of each alternate payee covered by the order;
b. The amount or percentage of the participating member's benefits to be paid by
the plan to each alternate payee;
c. That the alternate payee must take a lump sum payment of the benefits allocated
to the alternate payee within one hundred twenty days of the later of the board's
acceptance of the qualified domestic relations order or the entry of the order by
the court; and
d. Each plan to which the order applies.