SB 462 Summary

• Amends Oklahoma retirement law to clarify requirements for qualified domestic orders (QDOs) in pension plan distributions related to marital property and child support.

• Requires a spouse or former spouse to have been married to the participating employee for at least 30 continuous months immediately before divorce proceedings to qualify as an alternate payee for marital property division.

• Specifies that QDOs must clearly identify the participating employee and alternate payee, the amount or percentage of funds to be paid, the payment period, the characterization as marital property or child support, and all applicable plans.

• Prohibits qualified domestic orders from requiring new benefit types, increased benefits, or payment of funds already committed to another alternate payee under a previously recognized order.

• Effective date: November 1, 2015.