What will I lose
Platinum
Reged: 05/21/07
Posts: 739
Loc: PA
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i dont know if it's the same thing but 2 months ago i called my pension people and said figure out numbers as of date of marriage and 'today'. and i got them within 2 days.
I forget what the numbers were all called but i distinctly remember something like this
date of marriage..
109.00
26,000
today
970
226,000
the 26 and 226K were the present values and i guess the other numbers were monthly payments. But i dont know if the PV assumes i work my full 35 year or not or is the actual as of today. i guess thats why actuary needs paid. Because if i quit 'today' i wont wanna be on the hook for any full amount.
Also we talked about pension a bit yesterday, i pulled out the letter from the place. I already knew she has to follow 'my rules' (she doesnt get any money until i retire) but then i read further into the thing and she does NOT get to choose a beneficiary. This is good news for me but she said 'i bet you are happy now' when i told her this. I said no i wish i could get out money and pay you a lump so this was all over but i cannot change the LAW!
So she thought she would reach retirement age before me and get this money but i told her no she wont get a dime until i retire and also she cannot choose beneficiary. Obviously it was a bad day yesterday.
house wasnt discussed at all, i figure better not bring that up. Oh wait, she did say she knows she has to pay 400 for an appraisal. I told her why not just come up with a number you want and save yourself the money?
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call me WWIL...PA resident 39 year old , married 11 years, together 12...splitting in 13th year.
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What will I lose
Platinum
Reged: 05/21/07
Posts: 739
Loc: PA
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[quote]
The danger of this is in acting like your own pension fund for her, so if your pension goes bankrupt or something, you might still end up owing her... on the up side, if your pension and retirement benefits skyrocketed and you got bonuses & stuff, your alimony amount would ALSO be fixed and you'd bekeeping the whole thing rathr than having given up half. [/quote]
im quoting this separately because i'm lost. First off we have the biggest state pension fund in the country and it will never not be here so i'm confident of that :)
but my main question is about your math. i never get bonuses etc and so my pension amount really pretty much is 'fixed' now. Also , assuming i word my contract right, i thought alimony was fixed also. Anywho, the question is: what is the point of calculating a pension value today if that isnt what is going to take place in the future? Why not wait until i retire to do the math if it matters so much?
Just assume the math says she should get 500 a month because that's the increase from date of marriage to date of D. Why would that amount EVER change? After D she isnt entitled to any increases i thought? Or are you saying my pension is based on me working the full 35 years?
also even if i do quit this job 'today', id still get whatever pension i'm due and wouldnt i owe her what is in our decree? I'm totally lost how anything beyond 'today' affects my alimony or pension but esp. my pension.
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call me WWIL...PA resident 39 year old , married 11 years, together 12...splitting in 13th year.
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allthumbs
Platinum
Reged: 07/12/07
Posts: 469
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In the past, some pensions were set up based on a person working full time and so many years (let's say 30) Then, the were allowed to retire and collect a set, pre-determined amount till death. Sometimes, spouses could continue to receive the pension of a deceased pensioner. There were COLA's built into these sometimes, similar to SS. However, for many years now, many "pension" plans have significantly changed. You would be well advised to get an up to date, detailed version of your plan and understand it fully. Do NOT rely on what someone told you. Sometimes, back room deals are cut with union leadership and employers that never reach the membership. These are entered into the new contracts with very little notice. I would not negotiate a divorce settlement until I fully understood my pension plan and exactly how it works.
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