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Procedure for Valuing Pension Benefits or Rights

Quick Facts

Pension value can be determined by court-appointed actuary or by agreement of the spouses.
The spouses pay the fees of the actuary.

Appointment of Actuary

The court that has jurisdiction to decide marriage dissolution matters, when necessary, may appoint a qualified person experienced in valuing pension benefits and rights to function as an expert witness in valuing the pension benefits or rights of each of the spouses.

The court-appointed actuary will determine the current value of pension benefits or rights that are marital property of the spouses based on the applicable plan documents of the pension plan and the applicable actuarial assumptions used in calculating optional annuity forms by the pension plan or for funding the pension plan. The court appointed actuary will report the present value of the pension benefits or rights that are marital property to the judge and the parties.

Compensation of the Actuary

The court-appointed actuary may be compensated at a rate established by the court. Payment of the court-appointed actuary costs is divided between the spouses as decided by the courts.

Stipulation

Instead of valuing pension benefits or rights by use of the court-appointed actuary, the spouses may stipulate the value of pension benefits or rights that are marital property. The agreement must be mutual, and having a lawyer's advice is critical.