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 […]
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 […]
What is CalPERS? CalPERS is the abbreviation for California Public Employees Retirement System. This is the California agency that manages and tracks the general trust fund for pension and health benefits for California public employees, retirees and their families (and former spouses of former employees). Members include workers in law enforcement, schools and some county and city jobs. As of 2013, within the State of California, there were over 1 million members of which over half of them were receiving monthly benefits.
What is a CalPERS Pension/Retirement Division?
During the completion of a divorce property rights are often determined. Pension/Retirement accounts are […]
What Is A Valuation Date?
Often times, upon completion of the divorce process, a retirement plan (pension/401(k)) needs to be divided. The judgment will award a percentage or specific dollar amount of the plan’s value to the receiving party. The judgment is only one of the documents needed to authorize the division of the pension. The pension plan administrator will usually need a qualified domestic relations order (QDRO) also. A QDRO is a separate legal order, that splits and changes ownership of a retirement plan to give the divorced spouse their share. The QDRO instructs the plan administrator on how to […]
CalPERS Could Hold Your Retirement Distribution For Up To 4 Years.
Are you one of the over 1.6 million people who are a part of the California Public Employees Retirement System (CalPERS)? Is a portion of the CalPERS benefits being awarded to an ex-spouse? If you answered yes to both questions, you’re presently looking at an average wait time of up to 4 years before benefits will be awarded. You might not want to wait to file your QDRO (Qualified Domestic Relations Order) to have CalPERS benefits divided. If you wait until retirement, the process could take longer. If you’re expecting […]