Dividing the Foley Savings Plan in Divorce: Where to Start
If you or your spouse has a 401(k) through the Foley Savings Plan, dividing those retirement assets correctly during divorce can be complicated. To legally split a 401(k), you need a Qualified Domestic Relations Order (QDRO). At PeacockQDROs, we specialize in preparing QDROs that comply with federal law and the plan’s unique requirements. This guide will explain what divorcing couples need to know about the Foley Savings Plan and how to handle issues like vesting, loans, and Roth contributions under a QDRO.
Plan-Specific Details for the Foley Savings Plan
Here are the known plan details for reference during your QDRO preparation:
- Plan Name: Foley Savings Plan
- Sponsor: Foley industries, Inc..
- Sponsor Address: 1550 SOUTH WEST STREET
- Plan Year: Unknown to Unknown
- Effective Date: Unknown
- Status: Active
- Plan Type: 401(k)
- Participants: Unknown
- Industry: General Business
- Organization Type: Corporation
- Plan Number: Unknown
- EIN: Unknown
When submitting a QDRO, be prepared to provide or obtain the Plan Number and EIN from the plan administrator. These identifiers are critical for plan approval and processing.
What Makes 401(k) Plans Like the Foley Savings Plan Tricky in Divorce
401(k) accounts often have multiple moving parts. The Foley Savings Plan may include pre-tax (traditional) and post-tax (Roth) contributions, employer matches with vesting schedules, and possibly participant loan balances. For your QDRO to be accepted, the order must clearly address each of these elements.
Employee vs. Employer Contributions
In a divorce, the participant’s own contributions are usually considered 100% marital property, unless waived. However, employer contributions in the Foley Savings Plan may be subject to a vesting schedule. If the employee hasn’t been with Foley industries, Inc.. long enough to vest fully, the non-employee spouse (called the “alternate payee”) may not be entitled to a full share.
Tip: Request a full breakdown showing what portion of the balance is vested vs. unvested and the vesting schedule itself. This affects how we draft the order.
Vesting Schedule and Forfeitures
The QDRO must specify that only vested employer contributions are divided. If the employee leaves the company before full vesting, any unvested amounts are typically forfeited. To avoid issues, PeacockQDROs can draft provisions stating that the alternate payee only receives their pro-rata share of vested funds.
Loan Balances
If the Foley Savings Plan account has an outstanding loan, this complicates valuation. The account statement might show a higher balance than the truly withdrawable amount. Your QDRO must address:
- Whether the loan balance is deducted from the marital value
- Whether the loan gets allocated entirely to the participant
- Whether the loan repayment affects the alternate payee’s share
This is one of the most overlooked issues—and one of the most common QDRO mistakes. Make sure it’s addressed correctly.
Traditional vs. Roth Contributions
The Foley Savings Plan might allow both traditional (pre-tax) and Roth (post-tax) contributions. A QDRO must specify the type of funds being divided. Mixing the two without clarification can create serious tax consequences for both spouses.
We’ll usually recommend splitting each bucket proportionally, unless there’s a strong reason not to. This keeps the allocation clean and reduces the chance of disputes later.
How PeacockQDROs Handles QDROs for the Foley Savings Plan
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 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 work with all types of 401(k)s, including those for companies in the General Business sector, like Foley industries, Inc… Our experience with corporations and their retirement plans means we know what red flags to look for—and how to prevent costly mistakes.
Key QDRO Terms for the Foley Savings Plan
Here are several terms you’ll see commonly used when splitting a 401(k) through a QDRO:
- Alternate Payee: The spouse, ex-spouse, or dependent who receives a portion of the plan
- Marital Cutoff Date: The date used to determine how much of the retirement benefit is marital property
- Pro Rata Division: A method that divides all components of the account proportionally
- Flat Dollar Division: Assigns a specific dollar amount to the alternate payee
- Separate Interest vs. Shared Interest: Determines whether the alternate payee gets a new account or just a share of distributions
Each method can have different results depending on the specifics of the Foley Savings Plan and your divorce settlement.
Timeline for QDRO Processing
Wondering how long this all takes? Many factors affect QDRO timing, including court schedules and plan response times. But you can read about the 5 biggest timing factors for QDROs right on our website.
We prioritize fast, accurate, and compliant QDROs—and since we monitor each phase closely, you won’t be left in the dark wondering what’s next.
Documentation You’ll Need for a Foley Savings Plan QDRO
Start gathering the following documents as early as possible:
- Current plan statement showing account balances
- Plan Summary Description (SPD)
- Vesting schedule info
- Loan documentation if applicable
- Divorce judgment or settlement agreement
If there’s any missing documentation—like the Plan Number or EIN—we’ll help you contact the plan administrator to obtain the necessary details.
Get Help From the QDRO Professionals
Don’t risk costly mistakes with something as important as your retirement. The Foley Savings Plan may seem straightforward, but 401(k) divisions rarely are. From unvested contributions to hidden loans, there are many factors your divorce attorney may not catch—but we will.
With PeacockQDROs, you’re getting a team that focuses solely on QDROs and has a proven system that manages the process from step one to final approval. We maintain near-perfect reviews and pride ourselves on a track record of doing things the right way.
Need Help with a Foley Savings Plan QDRO?
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 Foley Savings 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.