PBGC Alternative Treatment (owner benefit waiver) w/QDRO

[Guest Prytog]

4 Person PBGC covered DB plan with 1 owner participant.

Plan is underfunded, but via 29 CFR §§ 4041.21(b)(2) "alternative treatment" election the majority owner can waive benefits and terminate the plan as standard termination.

Owner is in the midst of divorce and QDRO is being drafted.

Once divorce is final, my reading is spousal consent to elect waiver of benefit is not required, as there is no longer a spouse.

4041.21(b)(2)(iv) Neither the majority owner's election nor the spouse's consent is inconsistent with a qualified domestic relations order (as defined in section 206(d)(3) of ERISA).

If the QDRO states the alternate payee will receive 50% of whatever the owner is entitled to upon retirement or termination of the plan, can I deem the alternate payees benefit reduced when the owner (former spouse) makes the "alternative treatment" election because the election is not inconsistent with the QDRO?