State Codes and Statutes

Statutes > North-carolina > Chapter_50 > GS_50-20_1

§50‑20.1.  Pension and retirement benefits.

(a)        The award of vestedpension, retirement, or other deferred compensation benefits may be madepayable:

(1)        As a lump sum byagreement;

(2)        Over a period oftime in fixed amounts by agreement;

(3)        By appropriatedomestic relations order as a prorated portion of the benefits made to thedesignated recipient at the time the party against whom the award is madeactually begins to receive the benefits; or

(4)        By awarding a largerportion of other assets to the party not receiving the benefits and a smallershare of other assets to the party entitled to receive the benefits.

(b)        The award ofnonvested pension, retirement, or other deferred compensation benefits may bemade payable:

(1)        As a lump sum byagreement;

(2)        Over a period oftime in fixed amounts by agreement; or

(3)        By appropriatedomestic relations order as a prorated portion of the benefits made to thedesignated recipient at the time the party against whom the award is madeactually begins to receive the benefits.

(c)        Notwithstanding theprovisions of subsections (a) and (b) of this section, the court shall notrequire the administrator of the fund or plan involved to make any paymentsuntil the party against whom the award is made actually begins to receive thebenefits unless the plan permits an earlier distribution.

(d)        The award shall bedetermined using the proportion of time the marriage existed (up to the date ofseparation of the parties), simultaneously with the employment which earned thevested and nonvested pension, retirement, or deferred compensation benefit, tothe total amount of time of employment. The award shall be based on the vestedand nonvested accrued benefit, as provided by the plan or fund, calculated asof the date of separation, and shall not include contributions, years ofservice, or compensation which may accrue after the date of separation. Theaward shall include gains and losses on the prorated portion of the benefitvested at the date of separation.

(e)        No award shallexceed fifty percent (50%) of the benefits the person against whom the award ismade is entitled to receive as vested and nonvested pension, retirement, orother deferred compensation benefits, except that an award may exceed fiftypercent (50%) if (i) other assets subject to equitable distribution areinsufficient; or (ii) there is difficulty in distributing any asset or anyinterest in a business, corporation, or profession; or (iii) it is economicallydesirable for one party to retain an asset or interest that is intact and freefrom any claim or interference by the other party; or (iv) more than onepension or retirement system or deferred compensation plan or fund is involved,but the benefits award may not exceed fifty percent (50%) of the total benefitsof all the plans added together; or (v) both parties consent. In no event shallan award exceed fifty percent (50%) if a plan prohibits an award in excess offifty percent (50%).

(f)         In the event theperson receiving the award dies, the unpaid balance, if any, of the award shallpass to the beneficiaries of the recipient by will, if any, or by intestatesuccession, or by beneficiary designation with the plan consistent with theterms of the plan unless the plan prohibits such designation. In the event theperson against whom the award is made dies, the award to the recipient shallremain payable to the extent permitted by the pension or retirement system ordeferred compensation plan or fund involved.

(g)        The court mayrequire distribution of the award by means of a qualified domestic relationsorder, or as defined in section 414(p) of the Internal Revenue Code of 1986, orby other appropriate order. To facilitate the calculating and payment ofdistributive awards, the administrator of the system, plan, or fund may beordered to certify the total contributions, years of service, and pension,retirement, or other deferred compensation benefits payable.

(h)        This section andG.S. 50‑21 shall apply to all pension, retirement, and other deferredcompensation plans and funds, including vested and nonvested military pensionseligible under the federal Uniform Services Former Spouses Protection Act, andincluding funds administered by the State pursuant to Articles 84 through 88 ofChapter 58 and Chapters 120, 127A, 128, 135, 143, 143B, and 147 of the GeneralStatutes, to the extent of a member's accrued benefit at the date ofseparation, as determined by the court. (1997‑212, s. 1.)

State Codes and Statutes

Statutes > North-carolina > Chapter_50 > GS_50-20_1

§50‑20.1.  Pension and retirement benefits.

(a)        The award of vestedpension, retirement, or other deferred compensation benefits may be madepayable:

(1)        As a lump sum byagreement;

(2)        Over a period oftime in fixed amounts by agreement;

(3)        By appropriatedomestic relations order as a prorated portion of the benefits made to thedesignated recipient at the time the party against whom the award is madeactually begins to receive the benefits; or

(4)        By awarding a largerportion of other assets to the party not receiving the benefits and a smallershare of other assets to the party entitled to receive the benefits.

(b)        The award ofnonvested pension, retirement, or other deferred compensation benefits may bemade payable:

(1)        As a lump sum byagreement;

(2)        Over a period oftime in fixed amounts by agreement; or

(3)        By appropriatedomestic relations order as a prorated portion of the benefits made to thedesignated recipient at the time the party against whom the award is madeactually begins to receive the benefits.

(c)        Notwithstanding theprovisions of subsections (a) and (b) of this section, the court shall notrequire the administrator of the fund or plan involved to make any paymentsuntil the party against whom the award is made actually begins to receive thebenefits unless the plan permits an earlier distribution.

(d)        The award shall bedetermined using the proportion of time the marriage existed (up to the date ofseparation of the parties), simultaneously with the employment which earned thevested and nonvested pension, retirement, or deferred compensation benefit, tothe total amount of time of employment. The award shall be based on the vestedand nonvested accrued benefit, as provided by the plan or fund, calculated asof the date of separation, and shall not include contributions, years ofservice, or compensation which may accrue after the date of separation. Theaward shall include gains and losses on the prorated portion of the benefitvested at the date of separation.

(e)        No award shallexceed fifty percent (50%) of the benefits the person against whom the award ismade is entitled to receive as vested and nonvested pension, retirement, orother deferred compensation benefits, except that an award may exceed fiftypercent (50%) if (i) other assets subject to equitable distribution areinsufficient; or (ii) there is difficulty in distributing any asset or anyinterest in a business, corporation, or profession; or (iii) it is economicallydesirable for one party to retain an asset or interest that is intact and freefrom any claim or interference by the other party; or (iv) more than onepension or retirement system or deferred compensation plan or fund is involved,but the benefits award may not exceed fifty percent (50%) of the total benefitsof all the plans added together; or (v) both parties consent. In no event shallan award exceed fifty percent (50%) if a plan prohibits an award in excess offifty percent (50%).

(f)         In the event theperson receiving the award dies, the unpaid balance, if any, of the award shallpass to the beneficiaries of the recipient by will, if any, or by intestatesuccession, or by beneficiary designation with the plan consistent with theterms of the plan unless the plan prohibits such designation. In the event theperson against whom the award is made dies, the award to the recipient shallremain payable to the extent permitted by the pension or retirement system ordeferred compensation plan or fund involved.

(g)        The court mayrequire distribution of the award by means of a qualified domestic relationsorder, or as defined in section 414(p) of the Internal Revenue Code of 1986, orby other appropriate order. To facilitate the calculating and payment ofdistributive awards, the administrator of the system, plan, or fund may beordered to certify the total contributions, years of service, and pension,retirement, or other deferred compensation benefits payable.

(h)        This section andG.S. 50‑21 shall apply to all pension, retirement, and other deferredcompensation plans and funds, including vested and nonvested military pensionseligible under the federal Uniform Services Former Spouses Protection Act, andincluding funds administered by the State pursuant to Articles 84 through 88 ofChapter 58 and Chapters 120, 127A, 128, 135, 143, 143B, and 147 of the GeneralStatutes, to the extent of a member's accrued benefit at the date ofseparation, as determined by the court. (1997‑212, s. 1.)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_50 > GS_50-20_1

§50‑20.1.  Pension and retirement benefits.

(a)        The award of vestedpension, retirement, or other deferred compensation benefits may be madepayable:

(1)        As a lump sum byagreement;

(2)        Over a period oftime in fixed amounts by agreement;

(3)        By appropriatedomestic relations order as a prorated portion of the benefits made to thedesignated recipient at the time the party against whom the award is madeactually begins to receive the benefits; or

(4)        By awarding a largerportion of other assets to the party not receiving the benefits and a smallershare of other assets to the party entitled to receive the benefits.

(b)        The award ofnonvested pension, retirement, or other deferred compensation benefits may bemade payable:

(1)        As a lump sum byagreement;

(2)        Over a period oftime in fixed amounts by agreement; or

(3)        By appropriatedomestic relations order as a prorated portion of the benefits made to thedesignated recipient at the time the party against whom the award is madeactually begins to receive the benefits.

(c)        Notwithstanding theprovisions of subsections (a) and (b) of this section, the court shall notrequire the administrator of the fund or plan involved to make any paymentsuntil the party against whom the award is made actually begins to receive thebenefits unless the plan permits an earlier distribution.

(d)        The award shall bedetermined using the proportion of time the marriage existed (up to the date ofseparation of the parties), simultaneously with the employment which earned thevested and nonvested pension, retirement, or deferred compensation benefit, tothe total amount of time of employment. The award shall be based on the vestedand nonvested accrued benefit, as provided by the plan or fund, calculated asof the date of separation, and shall not include contributions, years ofservice, or compensation which may accrue after the date of separation. Theaward shall include gains and losses on the prorated portion of the benefitvested at the date of separation.

(e)        No award shallexceed fifty percent (50%) of the benefits the person against whom the award ismade is entitled to receive as vested and nonvested pension, retirement, orother deferred compensation benefits, except that an award may exceed fiftypercent (50%) if (i) other assets subject to equitable distribution areinsufficient; or (ii) there is difficulty in distributing any asset or anyinterest in a business, corporation, or profession; or (iii) it is economicallydesirable for one party to retain an asset or interest that is intact and freefrom any claim or interference by the other party; or (iv) more than onepension or retirement system or deferred compensation plan or fund is involved,but the benefits award may not exceed fifty percent (50%) of the total benefitsof all the plans added together; or (v) both parties consent. In no event shallan award exceed fifty percent (50%) if a plan prohibits an award in excess offifty percent (50%).

(f)         In the event theperson receiving the award dies, the unpaid balance, if any, of the award shallpass to the beneficiaries of the recipient by will, if any, or by intestatesuccession, or by beneficiary designation with the plan consistent with theterms of the plan unless the plan prohibits such designation. In the event theperson against whom the award is made dies, the award to the recipient shallremain payable to the extent permitted by the pension or retirement system ordeferred compensation plan or fund involved.

(g)        The court mayrequire distribution of the award by means of a qualified domestic relationsorder, or as defined in section 414(p) of the Internal Revenue Code of 1986, orby other appropriate order. To facilitate the calculating and payment ofdistributive awards, the administrator of the system, plan, or fund may beordered to certify the total contributions, years of service, and pension,retirement, or other deferred compensation benefits payable.

(h)        This section andG.S. 50‑21 shall apply to all pension, retirement, and other deferredcompensation plans and funds, including vested and nonvested military pensionseligible under the federal Uniform Services Former Spouses Protection Act, andincluding funds administered by the State pursuant to Articles 84 through 88 ofChapter 58 and Chapters 120, 127A, 128, 135, 143, 143B, and 147 of the GeneralStatutes, to the extent of a member's accrued benefit at the date ofseparation, as determined by the court. (1997‑212, s. 1.)

Categories