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...