Pensions, Divorce and the Federal Employees Retirement System
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.
Resources & Tools
PENSIONS PROBLEMATIC -- Pensions become problematic because, unlike cash in the bank or stocks and bonds, the rights to them involve 1) classification, 2) valuation and distribution, 3) qualified domestic relations orders (QDROs), and 5) miscellaneous areas of contention, including, for example, postdecree increases.
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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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