Pension, Divorce and Government or Public School Teachers Plans
These plans apply to employees of the state and local governments or public school teachers throughout the country:
Examples: Connecticut State Employees Retirement System, District of Columbia Police Officers & Fire fighters Retirement Plan, New Jersey Teachers Pension & Annuity Fund.
When a Domestic Relations Order is drafted, monthly benefits will commence to the Alternate Payee when the Participant retires, and continue for the lifetime of the Participant. Under some plans, the Alternate Payee may be designated as the beneficiary of a survivor annuity under a specific benefit option. The benefit option must be specified in the order, otherwise, typically all payments to the Alternate Payee cease upon the Participant's death.
Some Key Facts to Remember:
Some plans will only pay a benefit to an Alternate Payee for as long as the Participant is alive. This should be investigated with the plan.
If benefits are only payable for the lifetime of the Participant, a life insurance policy may be an appropriate tool to ensure that the Alternate Payee receives benefits for his/her lifetime.
Resources & Tools
QDROs – The distribution of a pension normally requires a QDRO, which is a Qualified Domestic Relations Order that establishes the terms and conditions of payment to both the worker-spouse and his survivor or former spouse.
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Online QDRO Preparation
QdroDeskTM. provides family law attorneys, their clients, and pro se filers an instant, easy, accurate, and affordable way to prepare Qualified Domestic Relations Orders (QDROs), the appropriate settlement agreement language, and processing instructions. And does it all online, with an easy to use, question-and-answer format that has made QdroDeskTM. an industry leader.
Online Pension Valuations
PensionAppraisalDeskTM uses a mathematical, web-based calculation software that gives family law attorneys, their clients, and pro se filers an instant, easy, accurate appraisal of the present value of pension benefits for equitable distribution upon divorce.
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