For QDRO Drafting Services
SCOPE OF SERVICES – QDRO DRAFTING
The QDRO Company (“QDROCO”) will prepare the appropriate documentation for the division of the applicable retirement plan(s) based on my divorce decree or other property settlement/mediation agreements and/or order of the Court, and the completion of our QDRO Intake Form.
If my separation agreement is not clear, QDROCO will ask all parties and attorneys for written clarification.
QDROCO will provide the appropriate Court Orders to all parties and attorneys and to the Plan for pre-approval (if allowed by the Plan and requested by you).
Unless specifically retained by mutual agreement of the Party and QDROCO, it is not the responsibility of QDROCO to:
Obtain signatures of the parties or attorneys (unless specifically requested);
Submit Order(s) to the Court for signature by the Judge (unless specifically retained to do so);
Send the court-signed Order to the Plan Administrator for execution; and/or
Complete any other paperwork the Plan requires for distribution of funds or implementation of benefits.
If the Order is rejected by the Plan, QDROCO will make appropriate corrections free of charge. Any changes to an Order requested after receipt of qualification by the Plan Administrator will be charged at a rate of $200/hour.
DISTRIBUTION OF FUNDS OR PAYMENTS & STATUS OF COURT-ENTERED ORDERS:
I understand that QDROCO is not responsible for the distribution of payments from the Plan. It is my responsibility to contact the Plan Administrator regarding the status of any court-entered Order to the Plan Administrator.
It is understood that QDROCO has been retained for this engagement by one or both of the parties and that they are liable for our fees.
QDRO fees are to be paid in full prior to commencement of work.
Occasionally, parties need additional consulting work if they have not fully agreed the terms of their agreement regarding their retirement plans. In these cases, our hourly consulting rate is $200/hour.
All invoices are due and payable upon presentation. Payment may be made by check, e-check, money order, debit card or credit card.
In some cases, the Plan Administrator will charge fees for the review and qualification of an Order. Any such fees are not part of this Agreement.
In some cases, the Plan Administrator will required a court-certified copy of the Order. Obtaining and paying for court costs regarding certified copies is not the responsibility of QDROCO.
LEGAL, FINANCIAL AND/OR TAX ADVICE
QDROCO does not express any opinion as to the outcome of any legal matter, nor does QDROCO, its agents, consultants or employees render individual legal, financial or tax advice.
PARTIES WITHOUT LEGAL REPRESENTATION / IN PRO PER PARTIES
I understand that I am required to obtain my own legal counsel for legal interpretation of any Orders prepared by QDROCO.
QDROCO, for an additional flat fee of $250* will:
Have the Order(s) reviewed for legal form and conformity to my divorce decree by their internal legal staff;
Assist with obtaining electronic signatures from me and my former spouse;
Enter the drafted Order(s) with the appropriate Court;
Answer general questions related to my (Q)DRO - up to one hour of consultation. Additional consultation will be billed at an hourly rate of $200/hour and QDROCO reserves the right to request a retainer for additional consultation fees;
Assist with entering the Order(s) with the appropriate Court; and
If I provide QDROCO with the court-entered Order, QDROCO will forward the entered Order(s) to the appropriate Plan Administrator(s).
QDROCO will not provide any individual legal, financial or tax advice regarding the QDRO or any other documents related to my divorce. Should QDROCO feel it necessary for me to obtain my own legal counsel, they will notify me in writing.
I understand that QDROCO will communicate with both parties as a neutral third party drafter only and that my former spouse and I will be copied on all communication.
I understand that if, at any time, QDROCO believes it is necessary for me to obtain my own legal counsel, I will be instructed to do so and the flat fee of $250 is nonrefundable.
*To be eligible for this service, both parties must be cooperative in providing documentation and signing documents, including this Retention Agreement.
Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled by binding arbitration, in the State of Michigan, in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction hereof. It is agreed that, in the event of arbitration, the parties will keep the proceedings and results confidential, except as required by law or reasonable business necessity.
TERMINATION OF THIS AGREEMENT
This Agreement can be terminated at any time, with or without cause, by written notification by any party to this Agreement. Upon termination, QDROCO will refund any unused fees paid.
QDROCO reserves the right to terminate this Agreement for non-payment of fees, failure to provide requested information, conflicts of interest, or for conduct by any party or attorney, in QDROCO’s sole discretion, renders it unreasonably difficult for QDROCO to render the services for which is has been engaged.