Without a doubt, going through a divorce can take a strenuous emotional toll on your personal life. It is important to also consider, that divorce can also have a long lasting financial impact on your life. Detaching your personal assets from those of your husband or wife can be problematic when your pension plan or retirement account is included in this division. Generally, a pension or retirement funds accumulated during a marriage earned by one partner is considered a community asset in California, meaning, it belongs to both parties. Get legal advice for further understanding if needed. This is important […]
My Divorce Judgment addressed my CalPERS account, Do I need a QDRO?
Divorce Judgments typically will award a percentage or portion of a members CalPERS account, but usually do not include the required CalPERS language to divide the account. Most QDROs are processed and completed during the final phases, or after a divorce judgment has been entered.
CalPERS has 3 model QDROs to Divide an Account, Which one should I Use?
Currently CalPERS offers 3 Model QDROs to divide a member’s account. The requirements to use either one, as well as time frames and financial benefits will vary depending on which one you […]
The Teamsters union is one of the top 10 largest employee unions in the United States representing workers from various industries. Like other major employee unions, they offer and manage pension plan accounts for their members. The Western Conference of Teamsters Pension Trust, which covers 13 Western states, is the largest area-wide multiemployer pension plan in the United States. Local offices can be found here.
Pension Division Of A Western Conference Of Teamsters Pension Plan
During a divorce, property rights are often determined. Sometimes the most valuable asset is a pension plan. The pension plan is either awarded to one person or […]
A joinder is a set of court documents that are prepared and filed at the court prior to a pension division order. The joinder is usually the first step to in the pension/retirement division. Basically the joinder documents “Join” the pension/retirement plan to the court case making it a third party. The court requires a joinder on most retirement/pension plans for a few reasons. One reason is because like any other court case, all parties involved need to be made aware of the proceedings with a chance to respond. The court allows the plan administrator 30 days to respond to […]
What is CALSTRS? CALSTRS is short for California State Teachers Retirement System. This is the California entity that provides retirement, disability and survivor benefits for teachers and their families. Calstrs, as of 2013 had more than 1700 employers it handled pension funds for. This included school districts, community colleges, offices of education and regional occupational programs. Calstrs is on of the top 10 largest pension funds in the world with more than 800,000 members. Calstrs was formed in 1913 and has their head office located in Sacramento California.
What is a CALSTRS Pension/Retirement Division?
During the completion of a divorce property rights […]