DATE DRAFT Definition

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DATE DRAFT is a payment option draft that matures in a specified number of days after the date issued.

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EFFECTIVE DATE OF INTEREST is the market rate at time of a debt issue.

QUALIFIED DOMESTIC RELATIONS ORDER (QDRO) is when a state court allocates an interest in a qualified retirement plan to a former spouse through a qualified domestic relations order. Payments made to a former spouse as the result of a QDRO will not result in the taxpayer being assessed a penalty for early withdrawal from the plan; the former spouse will be taxed on the benefits when received, or the benefits can be rolled over tax free into an IRS or another qualified retirement plan.

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