Nonprofit Roundtable:  Retirement Plan Options for Nonprofit Organizations

Nonprofit Roundtable: Retirement Plan Options for Nonprofit Organizations

The Nonprofit Team at Jones & Roth will be hosting a Positive Impact Roundtable on Thursday, October 29th.  This event is for local nonprofit board members, executive directors, HR Directors and finance managers.  Please join us for our October Roundtable on Employee Benefit Plan Options for Nonprofit Organizations. Several retirement plan choices await nonprofit organizations that seek to increase the benefits they offer their employees.  Evan Dickens, CPA will review the different types of plans (401k, 403b, 457, etc.), setup options, eligibility and contribution rules, and other important retirement plan considerations for nonprofits of all sizes. Whether you are setting up a new plan or wondering if your existing plan is right for your group, this program will give you some ideas.  There will be plenty of time for your retirement plan questions....
Don’t Let Your General Judgment Language Impair the QDRO

Don’t Let Your General Judgment Language Impair the QDRO

By David Gault Insufficient instruction in the Marital Settlement Agreement (MSA) or in the General Judgment (GJ) can cause a QDRO to deliver less than your client should have. QDROs address a number of important peripheral entitlements associated with the interest conveyed to the non-participant spouse, the “Alternate Payee”. It is the responsibility of counsel for the alternate payee to maximize the quantity and quality of the entitlements transferred, and the responsibility of counsel for the plan participant to minimize what his or her client forfeits in the process. A QDRO is required to effectuate an award from an ERISA-governed retirement plan, be that a defined benefit pension plan or a defined contribution plan, such as a 401(k). Technically, the GJ can itself constitute a QDRO, but only if it contains all of the elements required by ERISA and the Internal Revenue Code applicable to QDROs. In practice, however, most QDROs are prepared in the form of a separate Order (in Oregon labeled a “Supplemental Judgment”). It is generally conceded that due to the complexity of QDRO issues, competent QDRO drafting requires the services of a specialist. In Oregon, there appear to be about a dozen active specialists. Sometimes a specialist is consulted prior to entry of the GJ, but more often the specialist is handed an entered judgment. That judgment often contains language that either inadvertently, or by design, limits what the QDRO can do. The more common condition is that the GJ or MSA language tends to be quite brief, with minimal detail about how the conveyed benefit is to be calculated or the rights or entitlements...