Alternate Payee [Internal Revenue] Law and Legal Definition

According to 26 USCS § 414 [Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes and Surtaxes; Subchapter D. Deferred Compensation, Etc.; Part I. Pension, Profit-Sharing, Stock Bonus Plans, etc.; Subpart B. Special Rules], alternate payee means “any spouse, former spouse, child or other dependent of a participant who is recognized by a domestic relations order as having a right to receive all, or a portion of, the benefits payable under a plan with respect to such participant.”