Retirement Planning Tips for New York State Employees
Tip of the Month
Are you divorced and do you have a Domestic Relations Order (DRO)?
If you are divorced and agreed to have a portion of your pension benefits paid to your ex-spouse, or were ordered by the court to do so, make sure the Office of the State Comptroller has a valid Domestic Relations Order (DRO) on file. You will also want to review the terms of the DRO. In some cases, the court may have ordered you to select an option to protect your ex-spouse. If you are in the process of divorcing, you should know that the New York State Court of Appeals has determined that your retirement benefits constitute marital property and are subject to the equitable distribution provisions of the Domestic Relations Law. Equitable distribution is the fair division of marital assets between husband and wife after the marriage has ended. The most commonly used equitable distribution formula provides your former spouse with one-half of your pension that was earned while you were married. For more information, call (866) 805-0990 or visit: www.osc.state.ny.us/retire.