|
Pensions, Divorce and the Civil Service Retirement System
 Information Provided by: Pension Appraisers, Inc.Key Points
Government employees are members of either the Civil Service Retirement System (CSRS) or the Federal Employee's Retirement System (FERS):
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.
Some Key Facts to Remember:
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. 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.
Information Provided by: Pension Appraisers, Inc.
Navigate:
Home
Categories
Pension and Divorce
Pensions, Divorce and the Civil Service Retirement System
Suggested Reading
Resources & Tools
MANY MODELS -- Pension and retirement plans come in a bewildering array, with many diverse provisions; however, the two basic models are: the defined benefit or defined contribution. The defined benefit plan is generally a retirement annuity, wherein the employee contributes nothing and the employer sets aside benefits for all employees in a pool; the defined contribution plan is an individual or separate account in the employee-spouse's name, whereby he or she contributes pretax dollars to his or her account that are matched to a certain amount by the employer's contribution.
|
Easily Connect With a Lawyer or Mediator
Have Divorce Professionals from Your Area Contact You!
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. Terms to Learn
|
View Property & Financial Resources in Our Online Bookstore
Terms & Conditions | Privacy | Cookie Policy | Do Not Sell My Information
Established in 1996
Copyright© 1996-. All rights reserved by MH Sub I, LLC dba 3StepDivorce.