In order to meet the increasingly complex demands of QDRO servicing, Strategic Benefits Advisors, Inc. (SBA) provides clients with comprehensive servicing of DROs by developing and maintaining a custom DRO center that has the following attributes:
- A dedicated 800# that will be used only for servicing attorneys and their staff who require assistance with client-related DROs. The center will also service any participants who call in with DRO-related questions or requests.
- A staff of dedicated, experienced SBA employees who will be available to promptly answer incoming calls.
- A dedicated post office box solely for the receipt of each client’s DRO-related mail so that incoming communications will not be lost.
- Imaging and retention of all incoming documents.
- Development of standard QDRO models and clear instructions for use by the attorneys.
- Immediate securing of participant accounts via a hold entered directly through the outsourcer’s system or communicated to the outsourcer (we prefer direct updates to system).
- A 5-business-day commitment to provide written responses to all data requests/subpoenas for data that can be directly obtained by SBA (measured from the date of receipt of the original request to the date the response is mailed).
- Clear written communication back to the attorney(s) outlining any additional information that is needed.
- Clear written communications with the attorney(s) to describe any missing information.
- A 15-business-day commitment to qualify or deny a DRO per each client’s guidelines following the receipt of all necessary documentation.
- Clear written communication with the attorney(s) to explain the basis for any denied DROs.
- Clear written summary of our interpretation and planned execution of any qualified DROs.
- Clear communication and closely managed coordination with the outsourcer to direct the segregation of assets or benefits between participants and alternate payees.
- Monitoring of participant and alternate payee accounts to ensure the outsourcer promptly executes the direction.
- Prompt logging and tracking of all DROs throughout the entire qualification process.
- Monthly reporting of all DROs to each client and the client’s outsourcer.
- Immediate communication to each client regarding the receipt of any critical documents such as subpoenas.
It is imperative that SBA resources work closely with the attorneys involved in DRO proceedings in order for each client’s DRO activities to be successful. Therefore, in addition to the baseline servicing outlined above, we are positioned to provide the following additional services:
- Draft a communication that will be sent to all attorneys involved in DRO activities to introduce them to the servicing arrangement.
- Develop and deliver educational presentations (in group settings or one-on-one, as required) that teaches attorneys and their staff about the standard QDRO templates and the advantages of using the model language, the qualification process, our documents and how and where they can get assistance.
This service is available for the following benefit plan types: