A pension plan or a defined benefit plan promises to pay a specified monthly benefit at retirement for the duration of the pensioner's lifetime. The pension plan may state this promised benefit as an exact dollar amount or, more commonly, it may calculate a benefit through a plan formula that considers such factors as salary and length of service.
Examples of a government pension plan include: Federal Employees Retirement System(FERS), Civil Service Retirement System (CSRS), State Teachers Retirement System (STRS), Public Employees Retirement System (PERS), and CALPERS. Examples of union pensions include carpenters and electricians. Examples of company pensions include Boeing Pension Plan, etc.
Using proprietary software, our analyst determines the actuarial value of the future benefits and then apportions the pension benefits between marital and separate property. Our Pension Plan Valuation/Allocation Report consists of approximately 10 to 15 pages and can usually be completed in 2 to 3 days.