Online Pension Valuations - Easily and instantly determine the value for distribution upon divorce.
Pensions & Divorce: ERISA (Defined Benefit Plan):
(Provided by: Pension Appraisers, Inc.)
This is a plan set up by a company, union, or individual that provides a participant with a monthly income for life upon retirement:Some Key Facts to Remember:Examples: IBM Retirement Plan, AT&T Pension Plan, Bricklayers Pension Fund-Local 21.When a QDRO is drafted for this type of plan, benefits may commence to the Alternate Payee when the Participant reaches his/her earliest retirement age or when he/she actually retires or at any time in between. The benefit is distributed in monthly payments for either the lifetime of the Participant or the Alternate Payee.
The Alternate Payee typically cannot be awarded a lump sum dollar amount. Any benefit to be awarded to an Alternate Payee must be stated in terms of a monthly amount.Go to: Pension & Divorce Informational Section
If it is the intent of the parties that the Alternate Payee receive benefits for her lifetime, it is not always necessary for the Participant to elect a "Joint & Survivor" annuity. Some plans will convert the Alternate Payee's share of the Participant's benefit into a benefit based on her lifetime.
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