Last month, Justice Souter of the United States Supreme Court issued a unanimous decision in the case of Kennedy v. Plan Administrator for DuPont Savings and Investment Plan. A dispute had arisen between husband’s estate and his ex-wife over receipt of his Savings and Investment Plan proceeds. A SIP is an “employee pension benefit plan” similar to a 401(K) plan subject to federal ERISA laws. Early on in the marriage, husband had named his wife as the beneficiary to his employer’s SIP plan. The parties divorced and the divorce decree language said that the wife was “divested of all right, title, interest, and claim in and to . . . any and all sums . . . the proceeds [from], and any other rights related to . . . retirement plan, pension plan, or like benefit program existing by reason of [the husband’s] past, present or future employment.” However, the husband never executed a form to remove the wife as his beneficiary of the plan nor did he submit a Qualified Domestic Relations Order (QDRO) to the employer covering the SIP. He did, however, submit a QDRO covering his pension.
The husband passed away and the parties’ daughter requested … Read More... “Supreme Court Says Ex-Wife Gets Former Husband’s 401(K) Savings And Investment Account, Despite Divorce Decree Language To The Contrary”