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Pensions & Divorce: ERISA (Defined Benefit Plan):
This is a plan set up by a company, union, or individual that provides a participant with a monthly income for life upon retirement:
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.
Some Key Facts to Remember:
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.
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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 Over 100 Pages 3-Ring Binder | Pension Issues and Divorce Availability: In Stock (immediate) Shipping: 24 Hour - Confidential Packaging When couples get divorced they must decide how to divide their property. Retirement benefits (pensions) often form a substantial part of the parties' total marital estate and many times are the largest single marital asset afforded the couple. Similar to other assets, pensions are typically divisible in cases of divorce to the extent that they are acquired during the period of marriage. |
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