When couples get divorced they must decide
how to divide their property. Retirement benefits (pensions) often
form a substantial part of the parties' total marital estate and
many times are the largest single marital asset afforded the couple.
Similar to other assets, pensions are typically divisible in cases
of divorce to the extent that they are acquired during the period
of marriage. In order to divide a pension, the value of the retirement
benefits accumulated during the period of marriage must be determined.
The division of these benefits follows a 3-step process.
1. Classification
Each pension is classified as to whether or not it is considered
property, and from there, separate or marital property. There
is a broad general consensus that retirement plans of all types
do constitute property.
2. Valuation
Each pension that is considered marital property is appraised
to determine its value.
3. Distribution
Each pension that is considered marital property is analyzed to
determine the most equitable way it should be divided and distributed
to the parties.
The Table of Contents:
Chapter 1 - Overview of Pension Issues in Divorce
* Meeting #1 - Discussion of Basic Issues
* Meeting #2 - The Valuation Process
* Meeting #3 - Division of the Benefits
Chapter 2 - The Basics of Pension/Retirement Plans * Future
Benefit Plans - Retirement Plan - Disability Plan * Classification
of Future Benefit Plans - Matured Plan - Unmatured Plan - Vested
Plan - Unvested Plan - Defined Benefit Plan - Defined Contribution
Plan - Noncontributory Plan - Contributory Plan
Chapter 3 - Why Pensions are Divided Upon Divorce * What
Is Property?
- Property is Certain - Property is Transferable * Pensions as
Property - Argument against pensions as property - Argument in
favor of pensions as property
Chapter 4 - Property Division Law * All Property Model
- must meet the definition of property - is owned by one or both
parties on the date of classification * Dual Property Model -
must meet the definition of property - is owned by one or both
parties on the date of classification - was acquired during the
marriage - is not expressly defined as separate property * Comparison
of the Two Models
Chapter 5 - Distributing Retirement Benefits
* The Two Methods of Distribution - Immediate Offset Method -
Deferred Distribution Method * Strengths and Weaknesses of Immediate
Offset Method * Strengths and Weaknesses of Deferred Distribution
Method * Reserved Jurisdiction Method
Chapter 6 - Mechanics of Deferred Distribution
* Method of Payment * Time of Commencement of Benefits * Remarriage
* Modification of the Award * Taxes * Death * Interest * Future
Pension Options * Loss of Pension Benefits * Using Present Value
to Set a Maximum Amount Payable
Chapter 7 - Use of a Qualified Domestic Relations Order (QDRO)
to Accomplish a Deferred Distribution
* Introduction * What is a Qualified Domestic Relations Order
(QDRO)? * ERISA, REA and the Antialienation Provision * Criteria
for a QDRO * Types of Plans - QDRO Issues Under ERISA Defined
Contribution Plans - QDRO Issues Under ERISA Defined Benefit Plans
* Shared Interest Approach * Separate Interest Approach - DRO
Issues under State and Local Government Plans - Court Ordered
Benefits Issues under the Military Retirement System - Court Order
Acceptable for Processing Issues under the Civil Service Retirement
System (CSRS) and Federal Employees Retirement System (FERS) *
Deferred Offset Awards * Other Division Options for Deferred Distribution
- Liquidation - Informal Offset
Chapter 8 - Mechanics of Immediate Offset
* Valuing Pensions for Equitable Distribution * Valuation of Defined
Benefit Plans - Present Value - Step 1 - Determine the Amount
of the Benefit - Step 2: Discount to Present Value - Step 3: Mortality
Discount - Step 4: Discount for Vesting Status - If Applicable
- Step 5: Apply a Coverture Fraction - If Applicable * Methods
of Determining Present Value of Defined Benefit Plans - GATT Method
- PBGC Actuarial and Mortality Table Method - Life Expectancy
Method * Other Techniques for Valuing Defined Benefit Plans -
Valuation Formulas found within the Plan - Total Contributions
to the Plan - Total Offset - Withdrawal Value * Valuation of Defined
Contribution Plans - Segregation Method - Subtraction Method -
Coverture Method
Chapter 9 - Discussion of Special Issues
* Bankruptcy * Early Retirement Subsidy * Non-Vested Pension Benefits
* Passive Appreciation * Post-Retirement Cost-of-Living Adjustments
* Retirement Incentives/Severance Pay * Social Security Offset
* Stock Options * Survivor Benefits * Tax Consequences
Appendix I - General Pension Valuations FAQs
Appendix II - General QDRO FAQs
Appendix III - Immediate Offset v. Deferred Distribution
Appendix IV - PBGC Actuarial and Mortality Table Method v.
GATT Method
Appendix V - Sample Authorization & Questionnaire
Glossary of Terms
About the Author:
Kathryn V. Zeller, is a pension analyst with Pension Appraisers,
Inc., which values pensions throughout the U.S. for equitable
distribution in divorce. She has over ten years experience with
valuing pensions and drafting qualified domestic relations orders.
She has also testified in 10 different states regarding the distribution
of pensions upon divorce.
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