- 8 - are given with a view to the orderly conduct of business, they may be fulfilled by substantial compliance. Taylor v. Commissioner, supra at 1077-1078; Sperapani v. Commissioner, supra at 330-331. We need not address whether all the requirements of section 414(p) go to the essence of the statute or are merely procedural because we find that the divorce judgment and petitioner’s actions fail to comply substantially with the QDRO requirements in section 414(p). See Rodoni v. Commissioner, supra at 39-40. Petitioner never submitted a copy of the divorce judgment to the plan administrator for a determination, nor was he even required by the divorce judgment to pay the ordered obligations from his IRA. The divorce judgment fails to name Ms. Bougas as an alternate payee, fails to specify clearly an amount or percentage of petitioner’s IRA that was to be paid by the plan to Ms. Bougas, and fails to create or recognize any rights of Ms. Bougas to receive any portion of petitioner’s IRA. See sec. 414(p)(1) and (2). In direct conflict with the requirements of section 414(p), the divorce judgment explicitly states that the IRA is petitioner’s sole and exclusive property, free and clear of any claims of Ms. Bougas. Clearly, the divorce judgment did not substantially comply with the section 414(p) QDRO requirements. Petitioner further claims that he should not be penalizedPage: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011