Alternate Payee – For purposes of a qualified domestic relations order, the term Alternate Payee refers to a spouse, former spouse, child, or other dependent of a participant.
Domestic Relations Order – The term domestic relations order refers to a judgment, decree, or order (including the approval of a property settlement agreement) that is made pursuant to state domestic relations law (including community property law) and that relates to the provision of child support, alimony payments, or marital property rights for the benefit of a spouse, former spouse, child, or other dependent of a participant.
Participant – The term Participant refers to the individual who participates or is covered by a retirement or pension plan. The Participant is the individual (a spouse or former spouse) whose retirement benefits are being divided and assigned to his or her spouse or former spouse pursuant to a divorce decree or a property settlement agreement.
Plan Administrator – The term Plan Administrator refers to the person or more typically the company that manages the administrative aspects of a retirement or pension plan. Usually, the employer that sponsors the plan also acts as the plan administrator. However, it is not uncommon for employers to delegate the administrative duties related to the plan to a third party, such as a company or organization specialized in plan administration.
Qualified Domestic Relations Order – The term qualified domestic relation order refers to a domestic relations order that creates or recognizes the existence of an alternate payee’s right to receive, or assigns to an alternate payee the right to receive, all or a portion of the benefits payable with respect to a participant under a pension plan, and that includes certain information and meets certain other requirements.
