Pension plans and equittable distrubution


#1

I found this info here on the site.

G.S.50‑20.1.(d) The award shall be determined using the proportion of time the marriage existed (up to the date of separation of the parties), simultaneously with the employment which earned the vested and nonvested pension, retirement, or deferred compensation benefit, to the total amount of time of employment. The award shall be based on the vested and nonvested accrued benefit, as provided by the plan or fund, calculated as of the date of separation, and shall not include contributions, years of service, or compensation which may accrue after the date of separation. The award shall include gains and losses on the prorated portion of the benefit vested at the date of separation.

My question is there any restrictions based on how long you’ve been married? My spouse is claiming that b/c we’ve been married less than 10 years (7 years) that i’m NOT entitled to any of the government pension, just his 401K. Is that accurate?

it’s my understanding that i’m entitled to half of what was contributed during the legnth of marriage. Also this isn’t an account he can w/draw from like the 401K so how would any funds if any at all be dispersed?


#2

forgot to mention he is NOT a military employee.


#3

You are entitled to a portion of the pension if you were married to him during a time when the pension accrued. Pension are divided via a qualified domestic relations order.


#4

The 401(k) can be divided by a QDRO also. I would recommend dividing both so you get diversity. However, be aware of QDRO fees. I just saw someone charging $750.