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Personal Planning Services

DOMA Prep and Review

In 2013 the Supreme Court overturned part of the federal Defense of Marriage Act (DOMA); same-sex couples may now receive the same treatment and benefits as heterosexual couples. The Internal Revenue Service (IRS) and the Department of Labor (DOL) have since issued guidance clarifying how benefit plans should be administered in such cases, but there remains some confusion about beneficiary designations, tax returns, and retirement benefits. Allow us to help you sort through this new terrain; we can help you determine the best course of action for you and your partner.

QDROs

As per the United States Department of Labor website:

“A "qualified domestic relation order" (QDRO) is 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 retirement plan, and that includes certain information and meets certain other requirements.”

WIA is well-versed in QDRO. We can answer all of your questions and advise you as to the necessary requirements as well as information you must include for the order to be recognized under the Employee Retirement Income Security Act, also know as ERISA. Other trusted advisors — including lawyers — often contact WIA because they trust our expertise in the matter, we hope that you will do the same. Contact us today at (516) 249-0469 to find out if your domestic relations order meets the requirements.

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Call (516) 249-0469 to hear how we can help you plan for the financial future of your business.