Misconception 1: The FL-348 form is only for couples who are getting divorced.
This form is relevant not only for divorce but also for domestic partnerships. It addresses the division of retirement benefits for both types of relationships, ensuring that all parties have a fair claim to accrued benefits.
Misconception 2: Completing the FL-348 form guarantees immediate access to retirement benefits.
While the form helps establish rights to benefits, it does not provide immediate access. The benefits are subject to further orders and adjustments, which may take time to finalize.
Misconception 3: Only the person who contributed to the retirement plan receives benefits.
The FL-348 form ensures that both parties are entitled to a share of the retirement benefits accrued during the marriage or partnership. This means that even if one party did not directly contribute, they may still be entitled to half of the benefits.
Misconception 4: You do not need to inform your employer about the FL-348 form.
It is crucial to notify the plan administrator or employer about the FL-348 order. This ensures that both parties' rights are recognized and protected in the retirement plan.
Misconception 5: The FL-348 form is a one-time submission and does not require follow-up.
After submitting the FL-348 form, both parties must remain proactive. They need to keep the plan representatives informed of any address changes and ensure that all required actions are taken to protect their interests.
Misconception 6: The FL-348 form is only necessary if there is a dispute over benefits.
Even in amicable separations, completing the FL-348 form is important. It clarifies each party's rights to retirement benefits and helps prevent future disputes, ensuring that everyone understands their entitlements.