Retirement Plan/401k/Pension

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Dallas Police and Firefighters Pension Funding Crisis–Part 2

In Part 1 we discussed an extremely basic foundation of pension funding. Specifically, why pension plans are not fully funded and why they run into problems with their investments. Let's take those basics and apply them to the funding problems of the Dallas Police and Firefighters pension. The foundation of the Dallas, Texas pension funding crisis To really understand the problem with the Dallas pension you have to understand the function of the pension. Most people consider pensions as an employment benefit gratuitously offered by the employer because the employer cares about the employee's well-being. As an employment lawyer I know the...

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Dallas Police and Firefighters Pension Funding Crisis–Part 1

Dallas residents may have discovered over the past several months a financial crisis in their city related to the Dallas Police and Firefighters Pension. Few people really understand pension funding and how pension funding created this billion dollar shortfall for the city. The local news media in Dallas-Fort Worth, Texas has done a fairly good job of discussing current activities to try to resolve the financial crisis; but they have generally done a poor job explaining how pension funding caused this crisis. As a Dallas employment attorney with experience working with large pension plans I can delve into the mysterious...

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What plans can be divided by a QDRO in a Texas divorce? Dallas QDRO lawyer answers

QDROs--qualified domestic relations orders--are special court orders that divide certain types of employer-sponsored retirement plans as either part of the property division in a divorce, to pay child support, or to pay spousal support. Retirement plans that require a QDRO do so because a state or federal law requires this type of order to lawfully divide benefits. Retirement Plans That Can Be Divided by a QDRO in Your Fort Worth or Dallas, Texas Divorce There are many ways to categorize types of retirement plans but it is helpful here to divide retirement plans between private employer plans and public employer plans. Private...

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Enforcing child support with child support liens and QDROs with Bedford Divorce Attorney

Unpaid child support is a serious problems for many families where the child support may be the difference between keeping food on the table or lights on in the home. Enforcing child support in court can be a challenge when the child support obligor hides money and assets, dodges the process server, or truly does not have the income stream to pay child support. There are a wide range of remedies available under the Texas Family Law to enforce child support and recover unpaid child support from financial assets of the obligor. Two of those remedies are child support liens...

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10 Keys to Tackling Defined Benefit QDROs in a Dallas or Fort Worth, Texas Divorce

Dividing defined benefit pension benefits in a divorce strikes fear into the hearts and minds of divorce attorneys. Defined benefit pension plans, often simply called pensions, are far more complex than the relatively newer defined contribution plans like 401ks and ESOPs. Defined contribution plans are often easy to divide in a divorce. They maintain records of individual accounts on behalf of plan participants with records of account activity. Most defined contribution plans use a daily valuation. The account value can in determinable on specific dates, such as the date of marriage, separation and divorce. Defined benefit plans do not make things so easy. In a...

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What is the statute of limitations to sue an employer in Texas? Fort Worth employment attorney explains

In Texas an employment lawsuit may arise under a combination of federal, state and local laws. This is true whether the lawsuit is for wrongful discharge, pay or benefits issues, discrimination, FMLA, or other employment claims. All forms of employment claims carry a limitations period. The statute of limitations is not universal for each of these claims. Technical procedural rules may determine the calculation of the statute of limitations to a particular employment claim. The best thing to do if you believe you have an employment claim is to contact Texas employment lawyers. Today's post will discuss some of the limitations periods for common employment claims. Wage/Pay/Compensation...

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10 Issues That Will Make Your Texas Divorce More Expensive

Divorce attorneys like myself help clients with divorces and post-divorce actions like enforcement, contempt and modification primarily in the Dallas and Fort Worth / North Texas area. In such a large metropolitan area my clients range in family size, financial assets, post-divorce needs, property ownership and other issues related to their divorce. These divorces can range for very reasonable for clients, particularly with uncontested divorces, all the way to quite expensive for complex and hotly contested divorces. The cost factor for a client is always a relevant issue. Some divorces are expensive because there is a lot of work with custody,...

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AT&T Pension Benefits and QDROs in a Texas divorce with Dallas QDRO lawyer Adam Kielich

Many large and longstanding employers, like AT&T, General Motors, Hewlitt Packard and Bank of America, have defined benefit pension plans that offer retirement benefits more complicated in their benefit formula than a 401k plan where the participant receives the vested benefit on the distribution date. These defined benefit plans determine benefits out of a combination of service years, compensation and a variety of other factors. These benefits can be substantial and among the property divided in a divorce. Dividing these retirement benefits requires a special court order known as a qualified domestic relations order, or QDRO. A QDRO describes the method to divide the...

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Shared Interest vs. Separate Interest in a Texas QDRO

One issue dividing retirement accounts in a Texas divorce is whether the division is on shared interest or separate interest. This issue is technical and can be a confusing aspect of dividing retirement plans in a divorce. Often this issue arises when the parties are determining the final language of the divorce decree and the qualified domestic relations order (QDRO) that will go to the retirement plan administrator to execute the retirement plan division based on the property division in the divorce decree. This issue can create problems in a Fort Worth divorce. If you have retirement plans among the...

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Military retirement and Texas divorces

Military pensions, or military retirement, is a complex and tedious part of a Texas divorce. Generally, dividing retirement plans in divorces can be complex legal and financial undertakings; but military pensions carry unique functions that affect how they fit into a divorce in Dallas and Fort Worth. What works in one divorce may not be remotely close to the right course of action in the next. The flexibility of military retirement can be extremely useful to both parties in a Texas divorce. It allows the parties to craft a unique division that works in the overall property division. (Private employer plans,...

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