Category Archives: Retirement Benefits

Divorce and Public Pensions

The news has not been good lately for U.S public pensions. Long term returns for U.S public pensions are expected to drop to the lowest levels ever recorded, as cities across the nation are faced with massive pension deficits. There is a real possibility that retirees won’t be paid what they thought, as government entities […]

IRA, Roth IRA, MyRA, What’s a MyRA?

On January 28th, in his fifth State of the Union Address, President Obama announced the MyRA (rhymes with IRA). In his own words, “It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in.” While some additional details are […]

2014 Retirement Figures Released

Last week, the Internal Revenue Service (IRS) and the Social Security Administration (SSA) released 2014 figures that can impact your retirement planning. Here’s what they had to say: Social Security The withholding percentage will remain at 7.65% (Social Security or OASDI Portion will remain at 6.2% on earnings, up to the applicable maximum amount of […]

Flash Point: Court Should have Reevaluated Retirement Account when Entering QDRO

In a second appeal, the husband challenged the trial court’s finding after remand that would cause him to bear the majority of a retirement account’s loss when entering a QDRO.  In its original judgment for dissolution of marriage in 2007, the trial court evenly divided the parties’ retirement assets with one of the Husband’s plans […]

Breaking Law in Illinois: Social Security Income Not Exempt from Payment of College Expenses

The Second District Appellate Court recently found that social security disability income can be used to satisfy an obligor’s duty to fund college expenses. In re Marriage of Truhlar, 2010 WL 3667117 (2nd Dist. Sept. 17, 2010), the parties had agreed, at the time of their divorce in 1994, to contribute to the cost of […]