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If you're going through a divorce, you'll need to provide Nationwide with the information below to manage your deferred compensation account.
The Domestic Relations Order (DRO) from your divorce gives your employer and Nationwide instructions on how your account may be divided with your ex-spouse (or alternate payee).
Please note that not all plans allow for DROs, so contact us if you have questions.
Domestic Relations Order (DRO)
To be valid, a DRO must:
- Be directed to the deferred compensation plan (your employer) and not the administrator (Nationwide)
- 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
- 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.
Get the help you need
Talk with one of our retirement specialists for more information.