- 3 -3 annuity with a 5-year payout period (i.e., payable in 60 monthly installments); and (3) commence payments on "April 1, 1988, or as soon thereafter as practical." The Hughes Plan administrator (administrator) calculated Mr. Oddino's "accrued benefit[s] as of April 1, 1988." Under the plan, "accrued benefits" are a function of the employee's age and, in certain instances, years of service. In general, employees who retire at age 65 or older receive full retirement benefits. Employees who retire between the ages of 55 and 64 receive actuarially reduced benefits. Under the "Rule of 75," however, employees between the ages of 55 and 64 can retire and receive full, unreduced benefits if the sum of their age and years of service equals or exceeds 75. On April 1, 1988, the date used to calculate benefits pursuant to the QDRO, Mr. Oddino had not yet retired, was 55 years old, and had worked for Hughes Aircraft for approximately 27 years. In calculating Mrs. Glassman's community share, the administrator did not apply the Rule of 75. Instead, the administrator calculated the accrued benefits in accordance with the general rule for retirees between the ages of 55 and 64. The administrator determined that Mrs. Glassman was entitled to receive sixty $1,563.70 monthly installments, and on March 1, 1990, the administrator commenced payments.Page: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011