When you complete the necessary forms, please send this information and payment to the following address:

Transcription

1 Dear Client, We would like to thank you for giving us the opportunity to assist you with the division of one of your most important assets and the preparation of the qualified domestic relations order(s) needed to complete this task. In order to begin, we will need you to complete the enclosed forms and return them to our office. We understand that this is typically a difficult time and we will do everything we can to facilitate this process in a timely and professional manner. We respectfully request that payment be made along with the submission of the enclosed forms. We will not begin work on your case until all necessary forms are received along with payment. Payment may be made by check or credit card (Visa, MasterCard, American Express and Discover). If you choose to make payment by check, please make check payable to QDRO Services, L.L.C. Credit card payments may be made by either completing the enclosed credit card form or by contacting our office directly. Enclosed you will find (5) forms: (i) QDRO Fee & Service Agreement, (ii) Attorney Information Sheet & Agreement, (iii) QDRO Checklist, (iv) Time Line and (v) Credit Card Form. (i). QDRO Fee & Service Agreement: This form simply states the terms and conditions under which we will provide our services. Please review and sign. (ii). Attorney Information Sheet & Agreement: Please provide the name of the attorney who currently represents you and then sign and date. If you did not have an attorney or currently do not retain counsel, please indicate this by checking the appropriate blank and then sign and date. (iii). QDRO Checklist: This Checklist is made up of (3) pages. The first page prompts you for the necessary information we will need to prepare the proposed QDRO/DRO. It is important that you complete this form to the best of your ability, as missing information could affect the quality of the document(s) and the efficiency in which we complete our service. The second page will inform you of the documents we need. The third page is a release authorization. In most cases, this document is not needed. However, if you would like to know the value of the account/accrued benefit or if you 1

2 think that there may be more to the story, we will need this document signed by the Participant/Employee and notarized. (iv). Time Line: This form needs no signatures and is your to keep. It simply provides you with a better idea of the time needed to complete our service. These times are not set in stone and are subject to change depending on the circumstances of your case. (v). Credit Card Form: This must be completed only if you wish to pay by credit card. When you complete the necessary forms, please send this information and payment to the following address: QDRO Services, L.L.C. P.O. Box 1569 Spring, Texas If you would prefer, you may fax the information to (281) or you may it to richardj@qdrosvc.com (please insert New Case, as the subject). If you have any questions regarding our services, or if we can be of any assistance, please feel free to contact us at (281) We welcome the opportunity to assist you with your QDRO needs. Thank you, Richard D. Johnston, Jr. QDRO Services, L.L.C. 2

3 QDRO FEE & SERVICE AGREEMENT This statement sets forth the terms of engagement offered to you by QDRO Services, L.L.C. Unless modified in writing by mutual agreement, these terms will control all services rendered by QDRO Services, L.L.C. until termination of this Fee & Services Agreement. Please retain a copy of this Fee & Services Agreement for your records. A. QDRO POLICIES: You have retained QDRO Services, L.L.C. to prepare a Qualified Domestic Relations Order ( QDRO ) or similar Order. In order to prepare the proposed QDRO, we require a copy of the following items before we begin work: A copy of the Final Decree of Divorce or Property Settlement Agreement A copy of the statement(s) for each retirement plan being divided A copy of the summary plan description for each plan (if possible) A completed copy of our QDRO Checklist A signed QDRO Fee & Services Agreement A Release Authorization signed by the employee (if possible) Base Payment Note: Failure to provide the information requested above may result in delays and in some cases could prevent a QDRO from being prepared. B. FEES: Our rates are outlined in more detail in our Fee Schedule, which are subject to revision from time to time. Any services requested by you in addition to the QDRO(s) will be paid by you at the rate of $250/hr. (i.e. tracing of a defined contribution plan, present value calculation of a defined benefit plan, discovery, etc.). Any additional charges will be discussed with the client/attorney prior to commencement of service. You agree that if you request hourly rate services, we have no obligation to render such services before payment of the hourly rate in advance, based upon a good faith time estimate, if we request such payment. C. PAYMENT OF FEES: You agree to pay the applicable Fee(s) in advance. You agree that the Fee(s) is/are nonrefundable. You agree that our obligation to render the services do not begin until we receive the Fee(s) and approval of the terms of the QDRO Fee and Service Agreement from you. You agree that we have no obligation to render the services until we receive all necessary information requested by us. D. TERMINATION: QDRO Services, L.L.C. reserves the right to decline or discontinue the services for such things as non-payment of fees or costs, conduct which renders it unreasonably difficult to carry out the engagement effectively, failure to provide information within a reasonable time or conflict of interest. QDRO Services, L.L.C. will immediately provide you with written notice that we have discontinued the services. 3

4 E. GENERAL: In some cases, depending on the jurisdiction and circumstances, an attorney s services may be required to complete this process. (For example, if the QDRO involves a contested issue or if one of the parties fails to sign the QDRO; the issue may require resolution by a Judge. If this is the case, you will need to retain an attorney to represent you in a legal capacity. QDRO Services, L.L.C. can be available for expert testimony in these cases. If QDRO Services, L.L.C. is requested to testify or assist in such cases, our hourly rate will apply. QDRO Services, L.L.C. is not a financial institution, bank, custodian or recordkeeper. QDRO Services, L.L.C. does not buy and/or sell financial securities, nor do we provide financial advice (i.e. estate planning or financial services). QDRO Services L.L.C. encourages you to seek competent advice from a financial expert for issues relating to distributions or estate planning. We are not attorneys and do not provided legal advice and/or interpret the intentions of the parties as it relates to the spirit of the agreement. The proposed QDRO will be prepared in accordance with the terms of the Final Decree of Divorce, Property Settlement Agreement or other governing Court Order. If the Court Order is not clear and/or silent on an issue, a letter will be sent out to you (or your designated representative) to clarify the issue(s) and a written response will be required. Any expressions on our part concerning the outcome of any legal matter or Judgment are not guaranteed. We strongly urge you to have a qualified attorney review the proposed QDRO on your behalf prior to signing and filing with Court. F. BASIC DRAFTING SERVICES: Our basic drafting service includes reviewing the documents provided, preparing the initial draft Order, submitting initial draft Order to the plan administrator for review prior to filing with the Court (when available), revising the initial draft at the request of the plan administrator, sending the proposed QDRO to you (or your designated representative) for your signature. You will be responsible for presenting the final document to all parties and their attorneys for signatures. You will be responsible for submitting the Order to the appropriate court for entry (unless previously agreed). It is your duty to either notify our office in writing if you would like for QDRO Services, L.L.C. to retrieve the certified copy from the court or to provide a court certified copy (with a raised seal and/or colored ink, photo copies and scanned copies are not acceptable) to our office for submission to the administrator for final acceptance. Any additional services will be billed at an additional rate. Divorce Decree: Some administrators require a certified copy of the Divorce Decree along with the proposed QDRO (i.e. military and some state agencies). If this is the case, the cost of the certified copy of the Divorce Decree is not included in our fee. Therefore, you may either provide this to our office or we can request a copy from the court for an additional fee. Filing with Court: Unless previously agreed, QDRO Services, L.L.C. will not be responsible for filing the QDRO with the appropriate court. If our office is asked to file the QDRO(s) with the court, an additional fee of $50 per Order will be assessed and this fee will be due before filing services are rendered. Please note, QDRO Services, L.L.C. does not file documents in all counties; therefore this service is not available in all areas. In some cases, additional actions may be required to file the QDRO with the court which may prohibit us from accomplishing this step, in which case, you may need to acquire the services of any attorney. 4

5 G. EXECUTION OF AGREEMENT: By signing this Fee & Services Agreement, you understand that you have entered into an enforceable contract and accept the terms, conditions and obligations of this Fee & Service Agreement. You agree that you have freely and voluntarily entered into this Fee & Service Agreement with full understanding of the legal ramifications contained in this Agreement. Date: Signature of Attorney / Client: Print Name: Participant Last Name: 5

6 Dear Prospective Client: ATTORNEY INFORMATION SHEET & AGREEMENT In an effort to provide full disclosure, QDRO Services, L.L.C. wants to clearly state that we are not attorneys and we do not provide legal advice and/or interpret the intentions of the parties as it relates to the spirit of the agreement. Any expressions on our part concerning the outcome of any legal matter or Judgment are not guaranteed. We strongly urge you to have a qualified legal attorney review the proposed QDRO on your behalf prior to signing and filing with the Court. In addition, it is your responsibility to thoroughly read and understand the effects and consequences of the proposed QDRO. You agree that QDRO Services, L.L.C. can not and will not be held responsible for any misinterpretation of the intent of the parties or of the agreement of the parties. Please check one of the following: You are currently represented by a qualified legal attorney and his/her information is as follows: Attorney Name (Firm Name, if applicable): Attorney Phone No: Attorney Address: You are not currently represented by a qualified legal attorney. By signing below, you agree to accept the terms of this agreement. Client s Name Date Client s Signature 6

7 QDRO CHECKLIST (ERISA and Non-Qualified Plans) Participant/Employee Information: 1. Name: Phone: 2. Address: City: State: Zip: 3. Social Security Number: 4. Date of birth: 5. Date of Employment: 6. Retired (Yes/No): 7. Have Benefit Payments Commenced (Yes/No): Alternate Payee/Non-Employee Information: 1. Name: Phone: 2. Address: City: State: Zip: 3. Social Security Number: 4. Date of birth: 5. Date of marriage: 6. Date of divorce: 7. Date of division (if different from date of divorce): Plan information: Name: 1. Company/Sponsor: Phone: FAX: 2. Plan Names: a. b. 7

8 Please provide the indicated exhibits: QDRO CHECKLIST (Page 2) 1. Copies of latest plan statements. Very Important. 2. Copy of any pleading with style of case, case number, attorneys names, addresses, phone, fax and State Bar numbers. 3. Copy of decree, judgment, agreement, Rule 11, etc. 4. Copy of latest retirement check information (if retired). 5. Please draft QDRO. Fee $ (Call or visit our website at for a fee schedule). Please provide the following: 1. Copies of latest plan statement (for each plan to be divided). Very Important. 2. Copy of decree, judgment, agreement, Rule 11, etc.; attorneys names, addresses, phone, fax and State Bar numbers. 3. Copy of latest retirement check information (if retired). 4. (Check one) QDRO Services, L.L.C. will or will not file the QDRO(s) with the court. Note QDRO Services does not file in all counties. Be sure to confirm whether this service is available in the appropriate county. The fee for filing the QDRO with the court is $50 per Order. 8

9 SPECIAL INSTRUCTIONS OR REQUESTS: Attorney / Client s signature: Attorney / Client to be invoiced: Address to be invoiced: Transmit correspondence by to the following mailbox: NOTE: Fees are payable in advance prior to commencement of work 9

10 Employee Name: RETIREMENT INFORMATION RELEASE AUTHORIZATION Date of Birth: S.S.N.: Street: City: State: Zip: Employer: Date of Marriage: Date of Divorce / Separation: The above named Participant hereby gives consent for the Plan Administrator (or agents) to provide any and all information concerning any qualified or non-qualified plan benefits to necessary parties named below for the sole purpose of preparing a Qualified Domestic Relations Order or similar Order. Information shall include providing the following: Copies of Summary Plan Descriptions Copies of sample QDRO/DRO Copies of current plan benefit statement(s) and procedures for processing Contact name, phone & fax number, and address of the Plan Administrator. Account Balances and/or Accrued Benefits as of the date of marriage and the date of divorce. Necessary Parties: 1. QDRO Services, L.L.C.: Richard D. Johnston Tel: Mailing Address: P.O. Box 1569, Spring, Texas Overnight Address: 3 Grogan s Park Drive, Ste. 212, The Woodlands, Texas Attorney for Alternate Payee: 3. Attorney for Participant: Participant s / Employee s Signature Date Notary Public Date A photo or facsimile of this statement shall be valid as an original. 10

11 TIME LINE Dear Client: In an effort to better serve you, below are the key steps involved in the preparation and completion of your domestic relations order. The times provided are averages and may vary based on the employer and terms of your case. While most preparation times will fall within this time period, some may take longer due to unforeseen reasons; such as lack of accurate information, changing the deal, etc. I can assure you that our staff is committed to completing this task as quickly as possible, but not at the risk of quality. In some cases, some of these steps can be eliminated; however, by doing so, the process may be extended due to necessary corrections that may be required down the road. If you are interest in shortening the preparation time due to your circumstances, please inform one of our QDRO experts to discuss the possible effect. 1. Initial Request and Preparation of QDRO (or similar order): (7-10 Bus. Days) This is a very important step. In order to accurately prepare your proposed QDRO, we must have the necessary information to complete the initial draft. This information includes a copy of the Divorce Decree (or Mediated Settlement Agreement, Rule 11, etc.), a copy of a recent plan statement regarding whatever plan is to be divided, the parties names, mailing addresses, dates of birth, Social Security Numbers, the date of marriage, the date of divorce (if it is finalized) and the date the plan is to be divided (if it is different from the date of divorce). If any of this requested information is not provided, it could cause the processing time to be extended until such information is provided. 11

12 2. Submission of the Draft QDRO to the Plan for Review: (2-30 Bus. Days) This time is determined by each Plan and is subject to fluctuation based on the procedures of the Plan. This step is not required; however, it is very important in most cases. This is where the proposed QDRO is submitted to the Plan for review to determine whether the proposed QDRO would be acceptable to the Plan in its current format once it has been filed with the Court. In many cases, revisions may need to be made at the request of the Plan. It is much easier to make the changes now, than to wait until after the proposed QDRO has been signed by the parties, filed with the court and submitted to the Plan for acceptance. In some case, the Plan will not review draft Orders prior to being filed with the Court (and they are not required to do so). If this is the case, the draft will be forwarded to the attorney(s) for review and signatures. (Please note that there is no time limit for a Plan to review a draft order.) 3. Revise & Forward the Proposed QDRO to the Client for Signatures: (Subject to Parties) Once we receive a response from the Plan regarding the draft QDRO, we will make the necessary changes to the proposed QDRO, if any. If the requested changes may affect the intent or the substance of the QDRO, we will contact the attorney(s) to discuss. Generally, most changes can be made within 3-5 business days. It may be longer if we need to discuss the changes with the Plan or attorney due to clarity or intent. Once the proposed QDRO is ready to be signed by the parties, the proposed QDRO will be sent to the attorney / client for signatures. At this point, the time line is subject to the length of time it takes for the parties to review and sign the proposed QDRO. 4. File the Proposed QDRO with the Appropriate Court: (4-6 weeks) Once the proposed QDRO has been signed by all the necessary parties and the signed Order has been sent back to our office, the proposed QDRO will be filed with the appropriate court within (3-5 business days). Once the Order has been filed with the Court and signed by a Judge, we will retrieve a Court Certified Copy of the proposed QDRO. Depending on the Court, the time it takes for the Judge to sign the proposed QDRO and make it available for pick-up may vary. 5. Submit the Proposed QDRO to the Plan for Final Acceptance: (2-6 weeks) Once we retrieve a Certified Copy of the proposed QDRO from the Court, the Certified Copy will be sent via Certified Mail (with a return receipt request) to the Plan for acceptance as a QDRO. At this point, the proposed QDRO is out of our hands and it is up to the Plan to complete the QDRO processing. Once the Plan has made a final determination, the Plan is required by law to contact the parties to inform them of the final results. At this point, the Plan will provide instructions regarding the form and timing of your benefit. 12

13 As you can see, this process is a lengthy one. Times vary based on the Plan and the circumstances of the case. While we welcome the opportunity to answer your questions, please understand that we are working with the Plan to secure your benefit in a timely manner without sacrificing quality. If you have any questions, please contact our office at (281) Thank you, QDRO Services, L.L.C. 13

14 Credit Card Authorization Form I hereby authorize QDRO Services, LLC to charge my credit card for $ _which is payment in full for the drafting (and administration) of the Qualified Domestic Relations Order(s) relating to my divorce case. Cause No.: ; In the Matter of the Marriage of: Credit Card Type: AMEX VISA MasterCard Discover Credit Card Number: Full name as it appears on card: Expiration date: Please enter BILLING ADDRESS for credit card: Date: Cardholder Signature Print Name Cardholder s Telephone: Attorney: Invoice No.: (To be completed by our office) 14