Dividing the Genuine Parts Company Pension Plan in Divorce
If you’re divorcing and one or both spouses have retirement assets in the Genuine Parts Company Pension Plan, it’s important to understand how those benefits are divided. This plan is a defined benefit plan, meaning it pays out a regular monthly benefit in retirement based on salary and years of service—not a lump-sum investment account like a 401(k). Dividing these types of pensions during divorce requires a specialized court order called a Qualified Domestic Relations Order, or QDRO.
At PeacockQDROs, we’ve helped thousands of clients navigate the QDRO process from start to finish. Let’s break down what divorcing spouses need to know when dealing with the Genuine Parts Company Pension Plan to make sure you don’t lose your fair share—or end up with a court order that won’t be accepted by the plan.
Plan-Specific Details for the Genuine Parts Company Pension Plan
Here are key facts about the plan you need to know to start the QDRO process:
- Plan Name: Genuine Parts Company Pension Plan
- Plan Sponsor: Genuine parts company pension & benefits committee
- Plan Address: 2999 Wildwood Parkway, Date Range: 2024-01-01 to 2024-12-31 (Originally Effective: 1975-01-01)
- Plan Type: Defined Benefit Plan
- Industry: General Business
- Organization Type: Business Entity
- Status: Active
- Plan Year: Unknown
- EIN (Employer Identification Number): Unknown (must be obtained for QDRO)
- Plan Number: Unknown (must be obtained for QDRO)
- Participants: Unknown
- Assets: Unknown
The lack of clearly provided EIN and plan numbers means you’ll need to get those directly from the plan administrator. These are required to complete the QDRO form and submit it for approval. Without this information, the plan may reject your order.
Why QDROs Are Required for Defined Benefit Plans
A QDRO legally instructs the pension plan to direct a portion of the participant’s retirement benefits to an ex-spouse (referred to as the “alternate payee”). Without a QDRO, the plan cannot legally make payments to anyone other than the plan participant—even if your divorce decree says otherwise.
Since the Genuine Parts Company Pension Plan is a defined benefit plan, your division is based on a calculated formula, not account balances. That comes with its own unique process and options for structuring the QDRO.
Key QDRO Considerations for the Genuine Parts Company Pension Plan
Employee vs. Employer Contributions
In defined benefit plans like this one, you’re not dealing with actual account contributions the same way you would with a 401(k). Instead, benefits are earned over time and paid monthly after retirement. However, it’s still important to consider which portion of the retirement benefit was earned during the marriage—and only that portion should typically be divided.
The QDRO language should clarify whether just the marital portion or the full benefit is being divided, based on what you and your spouse agree to in divorce proceedings. If you don’t handle this correctly, the alternate payee could receive a larger or smaller share than intended.
Vesting Schedules and Forfeiture Rules
If the employee hasn’t worked at Genuine Parts Company long enough to become vested in their pension benefit—or only partially vested—this impacts what can be divided. Most defined benefit plans have a vesting schedule where employees earn rights to their pension over a specific period.
If only part of the total benefit is vested by the date of divorce, unvested amounts could be excluded or conditional upon future employment. It’s important to review the plan’s vesting policy before drafting or agreeing to division terms in your QDRO.
Loan Balances and Their Impact
Pension loans are much less common in defined benefit plans than in 401(k)s, but you still need to check the plan rules. If your spouse has taken a pension loan, it’s important to determine if it reduces the benefit amount that gets divided—or if the plan prohibits loans altogether.
Generally, defined benefit pensions have no loan provisions. But you should confirm with the Genuine Parts Company Pension Plan through their administrator or Summary Plan Description (SPD).
Roth vs. Traditional Components
Most defined benefit pensions do not have separate Roth and traditional components like a 401(k) does. Since benefits are not based on direct contributions, there is generally no tax classification choice. However, for compliance, always review the plan’s documentation or consult with a QDRO attorney to confirm tax handling once benefits are distributed.
Common Mistakes in Dividing the Genuine Parts Company Pension Plan
Here are a few mistakes we frequently see when people try to divide a defined benefit pension without professional help:
- Not specifying a survivor benefit for the alternate payee
- Failing to use the correct valuation date or marital coverture method
- Using the divorce decree language instead of a separate QDRO
- Selecting a fixed dollar amount instead of a percentage for division
- Assuming that benefits will begin immediately—defined pensions have fixed payout dates
To better understand these pitfalls and how to avoid them, take a look at our resource on common QDRO mistakes.
The Step-by-Step QDRO Process
1. Gather Plan Details
You’ll need to obtain the plan’s official name, sponsor, address, plan number, and EIN. You may also request the SPD from the plan administrator.
2. Draft the QDRO
This is where most people go wrong. You need legal language tailored to a defined benefit plan like the Genuine Parts Company Pension Plan, with provisions for future payments, survivor benefits, and calculation methods.
3. Submit for Preapproval (if applicable)
Some plans allow you to submit a draft copy for review. This is a great way to avoid court rejection. At PeacockQDROs, we do this whenever available.
4. Court Filing
Once reviewed, the QDRO goes to the court that handled your divorce. It must be officially signed and entered before it can be processed by the plan.
5. Serve the Plan Administrator
Submit the court-certified QDRO to the plan for processing. The administrator will let you know once it’s accepted—or notify you of issues, which we help clients resolve quickly.
Read more about the timeline in our article on how long it takes to finalize a QDRO.
What Sets PeacockQDROs Apart
At PeacockQDROs, we’ve completed thousands of QDROs from start to finish. That means we don’t just draft the order and leave you to figure it out. We handle drafting, plan coordination, court filing, submission, and follow-up—making sure you’re not left in the dark.
We maintain near-perfect reviews and pride ourselves on doing things the right way—especially when it comes to complex defined benefit plans like the Genuine Parts Company Pension Plan.
Learn more about our QDRO services here: https://www.peacockesq.com/qdros/
Final Thoughts and Next Steps
If your divorce settlement includes the Genuine Parts Company Pension Plan, make sure you’re using an order that the plan will accept—and that actually gets you the benefits you’re entitled to. A mistake here can delay your payout for years or even cost you your share entirely.
Whether you’re the participant or the alternate payee, you need an experienced QDRO professional who understands defined benefit plans and works with your specific plan language. That’s where PeacockQDROs comes in.
Special State-Specific Call to Action
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 Genuine Parts Company Pension Plan, contact PeacockQDROs. We specialize in QDROs and have successfully processed thousands of orders from start to finish.
Get the answers you need—explore our QDRO resources or reach out for personalized help if you’re in one of our service states.