A pension plan is a defined benefit retirement account. It pays the Member or Participant a set amount of money (a defined benefit) for the duration of his or her
If you participate in the Illinois Municipal Retirement Fund or IMRF, if you divorce after retirement and were married for at least 1 year before terminated IMRF participation, your ex-spouse
A pension plan, technically known as a defined benefit plan, pays a monthly annuity for the life of the member or participant. Examples of these are fewer and fewer in
In Illinois, and in most courts through the country, a divorce judge only has jurisdiction over marital or community property. This means that a judge does not have the authority
Your client worked as a teacher in the Chicago Public Schools, CPS and participated in the CTPF, or in another Illinois school district and participated in the TRS. Her and
Members of many public pensions, including TRS, IMRF, SURS, SERS, CTPF, and others, at times can have their contributions refunded. Some of the most common refunds are surviving spouse benefits
The short answer, yes, based on the parties agreement. Courts are reluctant to require anything but a division of retirement/pension plans short of parties’ agreement. Certainly, before your divorce case
A Qualified Illinois Domestic Relations Order (QILDRO) must include all elements specified by statute. Most large Plan Administrators in Illinois, including those in Chicago, DuPage and surrounding suburbs, have their
You just entered your client’s Divorce Decree or Judgment for Dissolution of Marriage or Consent Degree in a State other than Illinois. Maybe you are in Arizona, California, Florida or
In a divorce, you may want to divide marital interest in a pension plan, but maybe not, maybe you would choose to offset interest in a pension against other assets