Divorce: City Retirement plans and Social Security valuation?
My soon to be ex husband was a police officer and participated in a mandatory private retirement plan (worth about 90k) instead of putting into social security. I worked for a private high tech company and contributed to social security. His plan is a defined contribution plan and he can take hardship withdrawals from it. My social security isn't accessible to me and not sure it will be when I'm 65 they way things are going. He also has a defined benefit retirement plan worth 64k. I have an ESPP worth 64k and 401k worth 61k. We live in WA if that helps. Can he say that my social security and his city plan equal out each other? How do I put a value on my Social security if so?
Public Comments
- Are you sure that he didn't pay Soc. Sec. as well as his retirement plan? I've never heard of someone being able to opt out of paying Soc Sec. I got divorced in WA and my lawyer said that my ex would owe me half of his retirement savings plan amount that he had put into. So I would think it would be the same for you. I'm pretty sure his retirement plan would not cancel out your Soc Sec. Check with a lawyer for sure. Good Luck!
- you cant
- Social security is just a DB plan. YOu put a value on his DB plan...you can do the same to social security. That being said, I'd hire an attorney beause I don't believe there are any municipalities in Washington that opted out of Social Security. I could be wrong here. Most cops have deferred comp plans, social security plans, AND defined benefit plans. Depending on how long they were on the force is how much that db portion is supposed to be. They are no different then teachers in that regard...required participation in Deferred Comp plan that supplements their defined benefit plan.
