Online Pension Valuations - Easily and instantly determine the value for distribution upon divorce.
Pensions & Divorce: United States Military:
(Provided by: Pension Appraisers, Inc.)
The Military Retirement System provides benefits to members of the uniformed forces:Some Key Facts to Remember:Examples: Army, Air Force, Navy, Marines, Coast Guard, Reserves, National Guard, Public Health Service, and the National Oceanic and Atmospheric Administration.When a Retired Pay Court Order is drafted, monthly benefits will commence to the Alternate Payee when the Member retires, and will continue for the lifetime of the Member. If the Alternate Payee is entitled to a Survivor Benefit Plan Annuity (SBP), such monthly annuity shall commence upon the Member's death, and continue for the lifetime of the Alternate Payee.
To draft an order to effectuate a division of a benefit for purposes of equitable distribution, the parties must have been married for 10 years while the member was in active duty. If they have not been married for 10 years of active duty service, the order must be structured to effectuate support payments.Go to: Pension & Divorce Informational Section
In order for an Alternate Payee to be eligible for a Survivor Benefit Plan Annuity (SBP), the Member must make such an election within one year of the divorce. If this election is not made, the Alternate Payee loses all rights to this benefit.
If the Alternate Payee remarries prior to reaching 55, he/she will not be entitled to a Survivor Benefit Plan Annuity under the guidelines of the Plan.
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