Introduction
Dividing retirement assets can be one of the trickiest parts of a divorce. If you or your spouse participates in the Hims 401(k) Plan through Hims, Inc., you’re going to need a Qualified Domestic Relations Order (QDRO) to divide the account correctly and legally. A QDRO is the only way to ensure that the non-employee spouse receives their share of retirement funds without triggering taxes or penalties.
In this article, we’ll walk through everything you need to know about dividing funds in the Hims 401(k) Plan through a QDRO. That includes special 401(k) concerns like Roth balances, loan repayments, and vesting schedules. At PeacockQDROs, we’ve drafted thousands of QDROs, and we don’t just hand you a document and walk away. We handle the entire process from start to finish—drafting, court filing, submission to the administrator, and final follow-up—because we know how crucial it is to get it right.
Plan-Specific Details for the Hims 401(k) Plan
- Plan Name: Hims 401(k) Plan
- Sponsor: Hims, Inc..
- Plan Address: 2269 CHESTNUT STREET
- Effective Dates: Plan began on 2018-01-01, current plan year covers 2024-01-01 to 2024-12-31
- Organization Type: Corporation
- Industry: General Business
- EIN and Plan Number: Unknown (You will need to request this from the plan administrator as it’s required for the QDRO)
- Plan Status: Active
Even though some plan details are not publicly available, that doesn’t stop us from managing your QDRO effectively. We work with plan administrators directly to confirm the specifics we need to complete the process smoothly.
How a QDRO Applies to the Hims 401(k) Plan
If you’re divorcing and either you or your spouse has an account in the Hims 401(k) Plan, a QDRO is required to divide the retirement assets legally. This court order tells the plan administrator how much to assign to each spouse and under what conditions.
Why You Need a QDRO
A QDRO avoids early withdrawal penalties and prevents tax consequences for transfers to the non-participant spouse, known as the Alternate Payee. Without a QDRO, the division isn’t legally recognized, even with a divorce decree.
Special QDRO Considerations for the Hims 401(k) Plan
1. Vesting Schedules for Employer Contributions
Like many corporate 401(k) plans, the Hims 401(k) Plan may have a vesting schedule for employer contributions. That means the employee only owns a portion of the employer’s contributions unless they’ve met certain service requirements. If your division order attempts to include unvested amounts, the plan may decline to distribute them.
When drafting your QDRO, you must:
- Determine what portion of the account was fully vested as of the separation or division date
- Clarify whether the alternate payee will receive only vested amounts or also a share of future vesting, if applicable
2. Handling 401(k) Loans
If the participant has taken a loan against their 401(k) balance, that loan reduces the account’s value. A key question in divorce is this: Should the loan balance reduce only the participant’s share, or should the reduction be split proportionally?
In many cases, courts and parties agree to assign the loan solely to the participant, but this must be clearly spelled out in your QDRO. The terms should state whether the alternate payee gets a slice of the gross account balance or the net balance after deducting the loan.
3. Roth vs. Traditional Account Balances
The Hims 401(k) Plan may offer both Roth and traditional (pre-tax) contributions. This distinction is critical. Roth contributions grow tax-free, while traditional 401(k) balances are tax-deferred. If your QDRO doesn’t distinguish between the two, the wrong kind of account could be created or taxed incorrectly.
A proper QDRO should:
- Specify the division of each type of contribution separately
- Clearly state whether the Alternate Payee’s portion remains within the plan or is rolled over to a compatible retirement account
Information You’ll Need for the QDRO
To complete a QDRO for the Hims 401(k) Plan, you’ll need to gather:
- Participant’s name and address
- Alternate Payee’s name and address
- Specific division terms (percentage or dollar amount)
- Plan name: Hims 401(k) Plan
- Plan sponsor: Hims, Inc..
- Plan administrator’s contact info (usually listed on plan statements or in the Summary Plan Description)
- EIN and plan number (request from Hims, Inc.. HR or the plan administrator if not included in your paperwork)
What the QDRO Process Looks Like
Step 1: Drafting
The first step is getting accurate plan information and drafting the QDRO. This includes the proper language to split Roth and traditional funds, handle loans, and describe employer contributions.
Step 2: Pre-Approval (If Required)
Some plans offer or require pre-approval of the draft QDRO before going to court. At PeacockQDROs, we always check with the plan administrator to make this step easy.
Step 3: Court Filing
Once your QDRO is finalized, it has to be signed by the judge. This is a separate court order in addition to your divorce judgment.
Step 4: Submit to Plan Administrator
After the court signs the order, we send it to the plan administrator for implementation. If the order isn’t exactly right, the plan may reject it—costing you time and money. We handle this part directly to avoid delays.
Step 5: Distribution or Segregation
The plan administrator will transfer the awarded funds either into a new account under the plan (for the alternate payee) or to another qualified retirement account. Roth funds must go into a Roth account.
Avoid These Common Mistakes
QDROs for 401(k) plans like the Hims 401(k) Plan come with pitfalls. We’ve seen these errors too often:
- Failing to distinguish between Roth and traditional accounts
- Ignoring unvested employer contributions
- Overlooking outstanding loan balances
- Submitting incomplete or incorrectly formatted orders
Visit our guide to common QDRO mistakes to see how to avoid these costly errors.
How Long Does It Take?
The timeline varies depending on the court and the plan administrator, but most QDROs take 60 to 90 days if managed correctly. Factors like plan complexity and court review times can impact the schedule.
Read more on 5 key factors that affect QDRO processing time.
Why Choose PeacockQDROs
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 maintain near-perfect reviews and pride ourselves on a track record of doing things the right way. Our experience with corporate-sponsored 401(k) plans like the Hims 401(k) Plan makes us a trusted choice for clients who need it done right the first time.
Learn more about our process here: QDRO services at PeacockQDROs.
Final Thoughts
Dividing the Hims 401(k) Plan in your divorce requires attention to detail. From employee contributions to Roth balances and loan offsets, every element must be addressed properly in your QDRO. With the right help, you can protect your retirement interests and avoid costly mistakes.
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 Hims 401(k) 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.