Divorce and the Five Below 401(k) Retirement Savings Plan: Understanding Your QDRO Options

Dividing retirement accounts is often one of the most technical and contested parts of divorce. If you or your spouse participates in the Five Below 401(k) Retirement Savings Plan, you’ll likely need a Qualified Domestic Relations Order (QDRO) to divide the account properly under federal law. A QDRO helps protect both parties and ensures the division is handled according to IRS and ERISA rules.

As QDRO attorneys at PeacockQDROs, we’ve finalized thousands of retirement divisions across 401(k) and other plans. What makes our process different is we don’t just draft the order—we handle everything from drafting to court filing, preapproval (if needed), submission, and follow-up with the plan administrator. We do it the right way, the first time.

Here is what we know about this specific plan:

• Plan Name: Five Below 401(k) Retirement Savings Plan
• Sponsor: Five below, Inc.
• Address: 701 Market Street
• Plan Type: 401(k)
• Organization Type: Corporation
• Industry: General Business
• Status: Active
• Effective Date: Unknown
• Plan Number & EIN: Required but currently unknown (these will need to be obtained to complete your QDRO)
• Plan Year: Unknown to Unknown
• Assets and Participants: Data not currently available

Because this is a corporate retirement plan type governed by ERISA, a QDRO is required to lawfully split the account and shield both parties from tax penalties.

In a divorce, a QDRO is a legal document that outlines how retirement assets like a 401(k) are to be divided between the plan participant (called the “Participant”) and their spouse or ex-spouse (called the “Alternate Payee”).

Without a QDRO, the plan administrator cannot legally transfer any portion of the account to the former spouse. Also, any division done without a QDRO could trigger tax consequences and early withdrawal penalties.

There’s no one-size-fits-all answer here. Several factors determine how long a QDRO takes to finalize, including court processing, plan administrator reviews, and whether the draft needs pre-approval. We’ve published a detailed breakdown here:5 Factors That Determine QDRO Timing.

We’ve worked with countless clients who tried to handle their QDRO on their own or used a general divorce attorney who didn’t specialize in retirement orders. Some of the most common mistakes include:

• Not correctly identifying plan information
• Failing to address loans or Roth balances
• No clear division date or allocation formula
• Using generic templates that don’t satisfy plan requirements

A good starting place to learn more is our guide oncommon QDRO mistakes.

At PeacockQDROs, we’ve completed many QDROs from start to finish. That means we don’t just draft the order and leave you to figure out the rest. We handle the drafting, preapproval (if applicable), court filing, submission, and follow-up with the plan administrator. That’s what sets us apart from firms that only prepare the document and hand it off to you.

We maintain near-perfect reviews and pride ourselves on a track record of doing things the right way. We know corporate 401(k) plans like the Five Below 401(k) Retirement Savings Plan inside and out, and we give you a clear path forward—whether you’re the Participant or the Alternate Payee.

You can learn more about what working with us looks like at our main QDRO service page here:https://www.peacockesq.com/qdros/.

If you are dividing the Five Below 401(k) Retirement Savings Plan, here’s what we suggest:

• Confirm with your divorce attorney or court what date or formula should be used to divide the account.
• Obtain the plan’s Summary Plan Description or contact the Plan Administrator to confirm vesting, account types, and loan information.
• Contact a QDRO attorney who specializes in retirement division. Don’t use a template or DIY form.

Your divorce decree may say your spouse or you are entitled to the 401(k) benefits, but without a legally accepted QDRO, that division won’t happen.

If your divorce was in California, New York, New Jersey, Connecticut, Kansas, Missouri, Iowa, or North Dakota, and you have questions about qualified domestic relations orders or dividing retirement assets like the Five Below 401(k) Retirement Savings Plan, contact PeacockQDROs. We focus on QDROs and have successfully processed many orders from start to finish.

Get the answers you need—explore ourQDRO resources orreach out for personalized help if you’re in one of our service states.