Vary payee in raw

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What does alternate payee mean?

Alternate Payee means a spouse, former spouse, child, or other dependent of a participant, who is designated to be paid retirement benefits in a qualified domestic relations order; Based on 116 documents.

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.

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.

How to create an alternative payee in SAP?

If you double-click on the line with the vendor transaction (usually posting key 31 invoice), you will jump to the details of the invoice transaction line. If you now choose menu item Extras - Alternative Payee, you can enter the payee data individually (figure 3).

What is an alternate payee on a pension plan?

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 account?

Alternate Payee means a person other than a participant or Beneficiary in the Plan who is entitled to a benefit under the Plan as a result of a Qualified Domestic Relations Order.

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