How Do I Notify You of My Divorce?
Please print this page for your attorney to review.
If you’re going through a divorce, you’ll need to provide the Plan with a Domestic Relations Order (DRO) from your divorce to manage your account. The DRO is a legal document that gives your employer and the Plan instructions on how your account may be divided with your ex-spouse (or alternate payee).
Here are some other ways we can help:
- The Plan’s legal department can review a draft DRO prior to your court date
- If you need a historical account statement, please send a request in writing
Domestic Relations Order (DRO)
To be valid, a DRO must:
- Be directed to the New York State Deferred Compensation Plan
- State the percentage of benefits that are to be paid to each payee and/or alternative payees
- Specify the names, date(s) of birth, last known addresses and Social Security numbers for you and your alternate payee
- Specify an effective date and the dollar amount or percentage of the benefits which are to be segregated for the alternate payee
- Ensure that no actions are to be taken by the Plan which are inconsistent with the Plan document
- Ensure no form of payment to the alternate payee that is not permitted by the Plan
- Ensure that no prior domestic relations orders specify payment to a different alternate payee
- Ensure that there is no reference to including investment experience in the calculation
A hold may be placed on the money in your account while the DRO is being validated and processed. Once the DRO is validated, a new account will be created for your alternate payee, and the assigned value will be transferred to that account.
Important: You should review your beneficiary designations after your DRO is processed, because your previous designations may be canceled or altered by the DRO.
Get the help you need
Talk with our HELPLINE for more information.