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Northwest Ironworkers Retirement TrustPhysical Address 7525 SE 24th Street, Suite 200, Mercer Island, WA 98040 Mailing Address PO Box 34203, Seattle, WA 98124 Phone (206) 4417226 or (866) 9861515
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What is alternate payee?
An alternate payee is an individual or entity designated to receive a portion or all of an individual's retirement benefits or payments instead of the original payee.
Who is required to file alternate payee?
A plan participant who wishes to designate an alternate payee as part of a divorce or separation agreement or court order is required to file an alternate payee.
How to fill out alternate payee?
To fill out an alternate payee, one must complete the relevant forms provided by the retirement plan, ensuring all necessary details about the alternate payee and the terms of the distribution are accurately specified.
What is the purpose of alternate payee?
The purpose of an alternate payee is to allow individuals, often ex-spouses or dependents, to receive their entitled share of retirement benefits as part of a divorce settlement or legal agreement.
What information must be reported on alternate payee?
Information that must be reported includes the name, address, and Social Security number of the alternate payee, along with the amount or percentage of the benefits being assigned.
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