Is my deferred compensation account subject to marital court orders?
According to Florida Statute 61.076, all deferred compensation plans are considered marital assets and are subject to equitable distribution. The alternate payee (or court appointed participant) may receive a distribution of the awarded amount even if the participant is not yet eligible to receive a distribution. Effective January 1, 2002, the participant will no longer be taxed on distributions paid directly to an alternate payee. The alternate payee will be responsible for the taxes incurred. The State Office of Deferred Compensation is available to assist you with questions regarding court orders.
According to Florida Statute 61.076, all deferred compensation plans are considered marital assets and are subject to equitable distribution. The alternate payee may receive a distribution of the awarded amount even if the participant is not eligible to receive a distribution. The alternate payee will be responsible for the federal taxes incurred. For questions regarding court orders the Bureau of Deferred Compensation is available for assistance.
Related Questions
- Are Retirement Plans, Profit Sharing, Deferred Compensation Plans, Insurance Plans, Pension Plans and Annuities Considered to Be Marital Assets Which are Subject to Equitable Distribution in Florida?
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- Is my deferred compensation account subject to marital court orders?
