Tack payee in doc

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What happens to QDRO if the alternate payee dies?

If the alternate payee dies before they elect to commence benefits associated with the terms of the QDRO, no benefits may become payable to their beneficiary or estate. Even if the QDRO indicates for payments to be made to the beneficiary or estate of the alternate payee, it will be rejected by the plan administrator.

What is the alternative payee in document?

Alternative Payee In Document is a field available in the general data selection criteria in the Vendor Master. If this field is enabled the payment technically can be made to anyone who may or may not exist in the Vendor Master.

What is the definition of alternate payee?

(8) Alternate payee defined The term alternate payee means any spouse, former spouse, child or other dependent of a participant who is recognized by a domestic relations order as having a right to receive all, or a portion of, the benefits payable under a plan with respect to such participant.

How to check alternate payee in SAP?

Go to SAP transaction SQVI and create a new QuickView. Choose Data Source table and table=LFA1. On the next screen, select fields that you want to see in the report/QuickView results, e.g. vendor number and name, and name of alternative payee.

What is a permitted payee?

Permitted Payee: Is a alternative you define for document level, i.e. If you want that only for a particular invoice vendor wants the payment to be made to some other party.

What is an alternate payee for 401k?

Who Is the Alternate Payee in a QDRO? A QDRO grants the retirement accounts alternate payee the right to a portion of the retirement benefits that the former spouse (the participant) earned through an employer-sponsored retirement plan. The payee may be a spouse or a dependent.

What is an alternate payee for a QDRO?

Generally, QDROs are used either to provide support payments (temporary or permanent) to the alternate payee (who may be the spouse, former spouse or a child or other dependent of the participant) or to divide marital property in the course of dissolving a marriage.

Is an alternate payee the same as a beneficiary?

ERISA provides that a person who is an alternate payee under a QDRO generally shall be considered a beneficiary under the plan for purposes of ERISA.

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