Approved Domestic Relations Order for Virginia Retirement System - Defined Contribution Plan(S) - Virginia

Approved Domestic Relations Order for Virginia Retirement System - Defined Contribution Plan(S) is a legal document that was released by the Virginia Retirement System - a government authority operating within Virginia.

FAQ

Q: What is a Domestic Relations Order?
A: A Domestic Relations Order (DRO) is a court-issued order that outlines how retirement benefits will be divided between divorcing spouses.

Q: What is the Virginia Retirement System - Defined Contribution Plan?
A: The Virginia Retirement System - Defined Contribution Plan is a retirement savings plan offered to state employees and certain local government employees in Virginia.

Q: What does an Approved Domestic Relations Order do for the Virginia Retirement System - Defined Contribution Plan?
A: An Approved Domestic Relations Order allows for the division of retirement benefits in the Virginia Retirement System - Defined Contribution Plan between divorcing spouses.

Q: How are retirement benefits divided in the Virginia Retirement System - Defined Contribution Plan?
A: The retirement benefits in the Virginia Retirement System - Defined Contribution Plan can be divided based on the agreement or court order as specified in the Approved Domestic Relations Order.

Q: What is the process to obtain an Approved Domestic Relations Order for the Virginia Retirement System - Defined Contribution Plan?
A: To obtain an Approved Domestic Relations Order for the Virginia Retirement System - Defined Contribution Plan, a divorcing couple must request the court to issue the order that outlines the division of retirement benefits.

Q: Are there any specific requirements for an Approved Domestic Relations Order for the Virginia Retirement System - Defined Contribution Plan?
A: Yes, there may be specific requirements set by the Virginia Retirement System which must be followed when drafting an Approved Domestic Relations Order for the Virginia Retirement System - Defined Contribution Plan.

Q: Can the division of retirement benefits be changed after an Approved Domestic Relations Order is issued?
A: In some cases, the division of retirement benefits specified in an Approved Domestic Relations Order can be modified through a subsequent court order or agreement, but it is subject to legal processes.

Q: What happens to the retirement benefits if there is no Approved Domestic Relations Order?
A: If there is no Approved Domestic Relations Order, the retirement benefits in the Virginia Retirement System - Defined Contribution Plan generally remain with the participant and are not divided between divorcing spouses.