Each retirement plan accumulated during a marriage now needs to be divided because divorce is pending. Just because the same company or government manages doesn’t mean it has the same benefits. For Example, Arizona State Retirement System(ASRS) and Public Safety Retirement System (PSRS) are both plans offered if you work for the government in Arizona. They do not provide the same befits. ASRS offers a survivorship benefit to the alternate payee if chosen at the time of retirement or the member has not retired. If the Alternate payee passes away, what they received will be returned to the member. PSRS doesn’t provide a survivorship payment to the alternate payee; however, if the alternate payee passes away, they can leave their portion to a child or children. These details must be in the Decree of Dissolution or a merged property settlement agreement.
To protect your interest in a divorce, you need all the facts before you make a decision that will affect your future. Please seek the advice of an attorney in your area.