Transcript DOMA Checklist

DOMA Checklist
Pension Funds
Health & Welfare Funds
PENSION FUNDS
Beneficiary Designations
• Spouse is default beneficiary
• Another may not be chosen without spouse’s
written consent
• Post DOMA
• Same Sex Spouse has same right
QJSA
(Qualified Joint and Survivor Annuity)
• Default in DB/Money Purchase is 50% j/s for
spouse
• Spousal consent allows other options
• Post DOMA
• Same Sex Spouse has same rights
QPSA
(Qualified Pre-Retirement Survivor
Annuity)
• Participant pre-deceases, spouse gets 50%
QPSA, in DB/Money Purchase
• Post DOMA
• Same sex spouse has same rights
Hardship Withdrawals
• DC may allow HWs for cerain medical, tuition,
funeral expenses
• For spouse, dependents, or beneficiary
• Same sex spouse has same rights to HWs
Rollovers
• Spousal beneficiary may roll over to another
employer plan or to own IRA
• Non-spousal can rollover only to “inherited”
IRA
• Post-DOMA
• Same sex spouse has same expanded rollover
opportunities
QDROs
• Spouse or dependent may secure Court Order
to establish right to certain part of
participant’s benefits (usually post-divorce)
• Post-DOMA
• QDRO may be secured by same sex former
spouse (or spouse’s dependent, if also
dependent of participant)
RMD’s
Required Minimum Distributions
• Surviving spouses may delay RMD’s to 70.5,
unlike non-spouse beneficiaries
• Post DOMA
• Same sex spouses may also delay to
participant’s 70.5
HEALTH & WELFARE FUNDS
PreTax Premium Conversion
• Through cafeteria plan, employee may pay for
spousal & dependent premiums pre-tax
• Post DOMA
• Same sex spouse has same benefits paid for
pretax by participant
Health Care FSAs
(Flexible Spending Accounts)
• Participant may pay for certain benefits of
spouse & dependents through pre-tax FSA
contributions
• Post DOMA
• Same may be paid for same sex spouse
COBRA
• Spouse & dependents of participant shall
receive notice and may elect COBRA coverage
for 18 to 36 months
• Post DOMA
• Same right to COBRA notice and election of
benefits
HIPAA Special Enrollment
• Spouses/dependents newly eligible for plan
(marriage/birth/etc) & spouses/dependents
who lose coverage may enroll during closed
periods
• Post DOMA
• Same sex spouses entitled to same right of
enrollment