Expert: Allen - 9/14/2008

Question
QUESTION: I HAVE A QDRO IT SAYS I CAN START MONTHLY BENEFIT 2016 OR WHEN MY EX HUSBAND RETIREMENT  BUT WHAT IS A 5 YEAR CERTAIN AND LIFE ANNUITY  AND SAYS WHEN I APPLY FOR BENEFITS IS THERE ANY INTEREST

ANSWER: A 5 year certain and life annuity makes payments as long as the annuitant lives. If he dies before 60 nonthly payments have been made, the remainder of the 60 payments are paid to the named beneficiary. If he dies after 60 payments have been made, no additional payments are made.

In all probability no interest is paid on the benefits. However, the amount of the benefit may be larger if payments begin at an older age.

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QUESTION: SO I ONLY GET 5 YEARS OF BENFIT DOES NOT SEEM FAIR WAS MARRIED FOR 22 YEARS ARE YOU SURE ABOUT THIS THIS IS A UNION PEN.

Answer
Please reread my answer. You and your ex husband will be receibving a lifetime pension. If he dies early, you will only receive 5 years worth of payments. If he lives to 100, you'll receive payments over a very long period of time.

His length of service does not affect the type of pension. It affects the amount of the pension.