How Might Divorce Affect My Retirement?
If you were divorced while you were employed with Chevron, it’s possible that you have a Qualified Domestic Relations Order (QDRO) on file. A QDRO is a court order that entitles your former spouse to a percentage of your pension or other employer-sponsored plan assets. QDRO’s are typically prepared during the divorce proceedings and then filed with the company.
A QDRO Can Delay Your Chevron Pension Estimate
Ordering a pension estimate when a QDRO is on file can be challenging and time consuming because these estimates must be manually calculated to account for the division imposed by the court. A QDRO can add several extra weeks – or even months – to receiving an accurate pension estimate from the company depending on the complexity of the court order and the number of QDRO’s on file.
Are You a Former Getty Employee?
If you are a former Getty Employee, you will likely have a pension from your years of Getty service that is separate from your Chevron pension. When a QDRO exists, each pension must be calculated separately – so the wait can be even longer.
If you suspect a QDRO might be on file, you should order your pension estimate right away. An impending retirement decision does not seem to speed things along.
Need help ordering a pension estimate that contains the information you’ll need to make an informed decision? Call us today at (800) 236-9549 or send us a private email.