Jump to content

LadyjaneM10

Registered
  • Posts

    3
  • Joined

  • Last visited

  1. Would this help? This is from Fidelity sent to my lawyer, then sent to me. I am not sure why they are using the word "terminated" Your Modeling Assumptions The following information was used for the purpose of calculating your pension benefit(s) payment amounts. The scenarios reflect a benefit commencement date and the assumptions associated with that date. The calculation also assumes the current provisions of the Plan will remain the same and you will continue your employment until the date you selected. Should you have questions regarding your modeling calculation, please call the BP Retirement Services at Fidelity at 877-272-3334 and provide the scenario number listed below. Scenario 218 Termination date...... ...... 06/30/2024..... Beneficiary relationship Not Provided Beneficiary birth date. Not Provided 30 Year Treasury Rate . . 4.36% .... 1st Corporate Bond Segment Rate .4.99% 2nd Corporate Bond Segment Rate . . 5 . 1 9 % 3rd Corporate Bond Segment Rate....................5.37%... Scenario 219 .....08/31/2033 Not Provided Not Provided ......4.36% ......4.99% ..... 5.19% . 5.37% Partial Lump Sum Benefit Commencement Date: Your age at Benefit Commencement Date..... .$1,684.65. .100% Scenario 218 .... 07/01/2024. 55.833 ....... 50% Partial Lump Sum (Spousal consent required, if married) (Segment interest rates) One-time payment to you ...$147.885.24. Relative value* Residual Annuity •N/A . The other thing is the benefit stated I was, but now it looks like there is none I did leave out some detail due to privacy. I still have not heard anything from my lawyer.
  2. Good Morning! Thank you for all of your responses. I appreciate all of them. I might not be explaining correctly my questions well. This is my second laywer my first Laywer was I think working for my husband. lol He agreed to the lowest amount one could possibly pay for child support and he told me this was the best case scenario. Which after I did some research was not the case. My ex is making 200,000 a yr. he is paying 300.00 for our son. So this new lawyer is by far a better lawyer. Also I live in another state. So communication can be difficult Unfortunately, I cannot obtain employment. I am not sure if it’s my age (54). My being unemployed for the length of my marriage (30 yrs) or not having any true skills. Whatever the case, I am in a state of panic. It is to the point where I am not sure how I’m going to pay for rent this month. So having cash in hand is as important as having a retirement. The main question is the other two lawyers stated that you cannot cash out a pension. being in the financial situation I’m in now and being his 401(k) only has $5000 left in it from all the loans and withdrawals he has made over the past two years. ( The first laywer I obtained didn't file a financial Protective order. I’ve never heard of such a thing, but I guess in the state he filed the divorce in must be filed with the court or you can go “hog wild”with your money.) So long story short (not the case) lol what I am wanting is I would like to control the money in the pension. (Meaning my % of it) I like to roll my portion of the pension over to my own retirement (IRA) so I can keep my eyes on it. I would also like to obtain cash so I don’t have to worry about financial issues. I’ve been doing DoorDash and the like, but is not enough income. I would like to be able to pay for rent in full for a year so I can go back to school. I cannot take out any more student loans since I owe almost the max due to compound interest over 10 yrs. Since there was no payments made on them. Can I do this with the pension?
  3. My soon to be ex has a 401K which he has almost nothing left in it due to him empting the account. The state where he filed doesn't seem to care. He has about 200,000 in his pension (which seems odd for working there since 2007.) I am worried about my future since I wasn't allowed to work for 30 years, so nothing in retirement myself. I have asked my lawyer several times about his pension and if I can roll it over to something I can have in my name. She doesn't seem to understand the question. She did send me a copy of paperwork from a subpoena to Fidelity stating different scenarios one being if he was terminated in July if he was terminated in the year he turns retirement age. I didn't understand the termination part of it. Anyway, it didn't state anything about being able to take (I am assuming 50% out) So I am in the dark about what should I make sure the QDRO states. I know its up to the plan administrator along with the court. I just want to make sure I have all the info I can. I have reserched about being able to cash out (meaning after the QDRO is filed I get a cash out and not having to pay the 10% tax fee) but I am not sure if this is just a 401K or if that includes the Pension as well? TYA
×
×
  • Create New...