2.43.3005 FAMILY LAW ORDERS – APPROVAL AND IMPLEMENTATION FOR THE DEFINED CONTRIBUTION RETIREMENT PLAN
(1) This rule applies only to the DCRP.
(2) A participant or alternate payee must submit a certified copy of a family law order (FLO) to MPERA for board approval. The board has delegated authority for approval to the executive director.
(3) MPERA will notify the participant and the alternate payee when it receives a certified copy of a FLO. The notice will explain the procedures for determining if the FLO can be approved.
(4) While reviewing the FLO, MPERA will work with the record keeper to prevent distributions from the participant's account and to segregate the amounts, and earnings thereon, that will be owed to the alternate payee if the FLO is approved. The participant will remain eligible to manage and invest the funds not owed to the alternate payee.
(5) The segregated amount, with any earnings thereon, will be distributed to the participant if the FLO is not approved within 18 months of the date it was received by MPERA and the participant is entitled to and requests distribution of the account.
(6) MPERA will notify the participant and the alternate payee when the FLO is approved.
(7) The FLO will be applied prospectively if approved more than 18 months after the date it was first received by MPERA.