Can you tell me more about Defined Benefit Plans?
There are 2 types of defined benefit plans. They are either called a traditional pension or retirement plans (usually monthly payments over time) or called a cash balance plan (lump sum payment with the option for monthly payments over time). Most mid-to-large size private companies have defined benefit plans for their employees (e.g. AT&T, Boeing, Disney). Examples of state public defined benefit plans are Public Employees Retirement Systems often called PERS and State Teachers’ Retirement Systems often called STRS. Most large counties also provide their employees with defined benefit plans (e.g. SFERS, LACERA in California) There are also federal public defined benefit plans. The most common ones for federal employees are the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). The most common one for military members is a defined benefit plan called the Armed Forces Retirement System.
These “million dollar” plans are often missed by the parties and the courts in their divorce and it is a tragedy for the out spouse and a windfall for the participant. We can help you make sure that these retirement assets are not missed.
- Editorial Team
- June 16, 2023
- 12:51 pm
- 0 comments
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