Online Pension Valuations - Easily and instantly determine the value for distribution upon divorce.
Pensions & Divorce Federal Employees Retirement System:
(Provided by: Pension Appraisers, Inc.)
Government employees are members of either the Civil Service Retirement System (CSRS) or the Federal Employee's Retirement System (FERS):Some Key Facts to Remember:Examples: employees of the Postal Service, Federal Aviation Dept., civilian employees on military bases.When a Court Order Acceptable for Processing is drafted, monthly benefits will commence to the Alternate Payee when the Participant retires, and will continue being paid for the lifetime of the Participant. If the Alternate Payee is entitled to a Former Spouse Survivor Annuity, such monthly annuity shall commence upon the Participant's death, and continue for the life of the Alternate Payee.
An Alternate Payee can either be awarded a share of the Net Benefit (amount of the annuity after health insurance premiums, medicare premiums, etc. have been deducted from the gross benefit) or the Gross Benefit.Go to: Pension & Divorce Informational Section
There are a number of different Former Spouse Survivor Annuities available to a Former Spouse under these plans. However, the cost of such annuity must be deducted from either the Employee's annuity or the Former Spouse's share of the Employee's annuity or both annuities equally.
If the Alternate Payee remarries prior to reaching age 55, he/she will not be entitled to a Former Spouse Survivor Annuity under the guidelines of the Plans.
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