Big change for Tennessee state employees: Effective 7/1/2016, the Tennessee Consolidated Retirement System (TCRS) is accepting QDRO forms for divorcees. This is good news for state employees going through a divorce because QDROs divide retirement benefits with certainty. This is good news for the paying spouse due to potential tax benefits, and good news for the receiving spouse because he/she will not have to depend on the ex-spouse to make timely payments — payments will be made directly by TCRS.
From the TCRS web page: For TCRS members whose divorce decree or separation agreement awards a share of the TCRS pension benefit, TCRS is now accepting Qualified Domestic Relations Orders (QDRO) dated on or after July 1, 2016, that are submitted in accordance with TCRS Rules and using the prescribed form provided below. A certified copy of the completed QDRO form entered by the court is necessary in order for TCRS to recognize and award a portion of a member’s pension benefit to a member’s former spouse.
Read the TCRS Instructions for Completion and Submission of a Qualified Domestic Relations Order here.
TCRS will only accept QDROs on the form provided by TCRS, which may be accessed here.
As always, consult with an attorney for guidance on this issue.
