Monday, April 3, 2017

Divorce, Pensions, and DRO's

Quick Note for NYCERS Members:

If you are getting divorced and your pension is being divided up, be very careful about how your DRO is worded.

For example,

  • you have 15 years of service at the point you are getting divorced,
  • you have a three year average income of $50,000
  • you are age 45, and
  • you plan to work until you are 62
At age 62, if you stay in city service, you will have 32 years of service and your three year average income may very well be $100,000.

Your vested benefit at age 45 is 1.67% * 15 * $50,000 = $12,300.

Your retirement benefit at age 62 is [((2% * 30) + (1.5% * 2)) * $100,000] = $63,000

If your DRO only specifies that your former spouse is to receive 25% of your pension when you retire, then your former spouse will receive 25% of $63,000, and not $12,300.

In contrast, if you had left city service on the day you were divorced, your former spouse would receive only 25% of $12,300.

You should be aware of how this will play out if you continue to stay in city service.

If your DRO only specifies an open ended percentage, your former spouse will be gaining increasing benefit from your employment after the divorce.

4 comments:

EvaAndersen said...

Hello my dear,

I see your blog every day ... your blog is Very useful for me and I love so much ...

You can see

Find best health insurance, medical insurance company in Staten Island and New York @ life143.net with best price.


Visit Now - Group Benefits New York

Susan Richardson said...

I am miss Susan from Califonia USA, I promise to share this testimony all over the world once my boyfriend return back to me, and today with all due respect i want to thank DR.ADAGBA for bringing joy and happiness to my relationship and my family. I want to inform you all that there is a spell caster that is real and genuine. I never believed in any of these things until i loosed my boyfriend, I required help until i found adagbaspiritualtemple@gmail.com a grate spell caster, And he cast a love spell for me, and he assured me that I will get my boyfriend back in two days after the spell has been cast. two days later, my phone rang, and so shockingly, it was my boyfriend who has not called me for past 10 years now, and made an apology for the heart break, and told me that he is ready to be my back bone till the rest of his life with me. DR.ADAGBA released him up to know how much i loved and wanted him. And opened his eyes to picture how much we have we have share together. As I’m writing this testimony right now I’m the most happiest girl on earth and me and my fiance is living a happy life and our love is now stronger than how it were even before our break up. So that’s why I promised to share my testimony all over the universe.All thanks goes to DR.ADAGBA for the excessive work that he has done for me. Below is the email address in situation you are undergoing a heart break, and I assure you that as she has done mine for me, she will definitely help you too. adagbaspiritualtemple@gmail.com . call or whatsapp him now via: +2349057354407

Nat Asha said...

All thanks to this great man called Dr Agbazara the great spell caster that bring back the joy in me by helping me to bring back my lover who break up with me Four months ago but now with me with the help of Dr Agbazara the great love spell caster. All thanks goes to him you can also contact him for help if you need him in times oof troubles via: ( agbazara@gmail.com ) you can also Whatsapp on this Number +2348104102662

anonimous said...

I had doubts about magic spells after purchasing many spells that never worked I actually decided to never buy a spell again. I have tried different spell casters..Some of them never answered me after I paid and were obvious scammers, some really cast a spell but for some reason it didn't work. Then I saw a video on you-tube with a person who was mentioning she had results with prophet ogidiga . Despite the suspicions I had his site looked real so I gave spells a last try. It's probably the best decision I ever made in my life because it worked and my boyfriend came back with me After I broke up with him I spent a lot of time wishing that I could just turn the clock backwards.He helped me do just that. In fact our relationship feels like the break up never even happened. We have never been this happy or passionate, all thanks to prophet ogidiga. If you're looking for a good spell caster look no further,you can contact him asap on miraclecenter110@gmail.com or call/whatsapp at +2348182260982