QDRO Attorney

By: tompmiller | April 23, 2020

A pension plan is a defined benefit retirement account. It pays the Member or Participant a set amount of money (a defined benefit) for the duration of his or her life. In some instances a spouse or a former spouse is treated as survivor and receives a payments for the rest of his/her life if the Participant or Member dies first.

Generally, the value of a life time annuity is huge. This is particularly true if the payments are high. In the case of many public pensions/annuities, the payout is very large, around  75% of the retiring employees highest income.

There are less and less private pensions out there. Most employers have switched to defined contribution plans (like 401(k) or IRA plans). The public sector still has defined benef...

By: tompmiller | June 14, 2016

In a divorce, you may want to divide marital interest in a pension plan, but maybe not, maybe you would choose to offset interest in a pension against other assets or debts. Perhaps one party can retain the former marital residence and the other his/her pension, without dividing or buying out each other. Alternatively, maybe you want to keep your entire pension and are considering taking on all the marital debt in exchange for your spouse's waiver of his/her interest in your pension.

The first step, even before you answer the above questions is to know what the pension is worth. To make this determination, you will need an actuarial calculation. You can hire an actuary if you want a really good, well-reasoned calculation. On the other hand, ...