The Government Accounting Office has recommended that the Department of Labor improve information about claiming retirement benefits in order to help divorced spouses.
In a new report, the GAO said that many Americans don't have enough savings for a secure retirement — and divorce can make it worse if one spouse can't claim some of the other spouse's retirement benefits. It says that a legal tool called a qualified domestic relations order can be used to establish such a claim, but getting an order can be complex and costly.
“Many aren't approved — largely because the submitted orders lack basic information needed for approval,” the GAO said in a release. “Fees can be unaffordable for people with low incomes and information from the Department of Labor may be insufficient to facilitate the order process or determine reasonable fees.”
The GAO recommends improving the information available.
“Without additional outreach by DOL, divorcing parties may spend unnecessary time and resources drafting orders that are not likely to be qualified, resulting in unnecessary expenditures of time and money,” the GAO said.
[More: On death, divorce and retirement]
RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.
Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.
The giant alt investments platform's latest financing led by T. Rowe Price and SurgoCap Partners, along with State Street, UBS, and BNY, will fuel additional growth on multiple fronts.
Some investors recently have seen million dollar plus decisions by FINRA arbitration panels involving complex products decisions go their way.
New report shines a light on how Americans view wealth today.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
