ASOP 34
(ACTUARIAL PRACTICE CONCERNING RETIREMENT PLAN BENEFITS IN DOMESTIC RELATIONS ACTIONS)
SECTION 2
(DEFINITIONS)

Section 2
Definitions

ASOP 34 | §2.0 | INTRO TO SECTION 2

The definitions below are defined for use in this actuarial standard of practice.

ASOP 34 | §2.1 | ACTUARIAL VALUATION

The determination, as of a measurement date, of the actuarial present value of a retirement plan benefit and any related benefits.

ASOP 34 | §2.2 | AGE-OR-SERVICE-DEPENDENT BENEFITS

Benefits for which the amount or timing of benefit payments depends on the covered party’s age or length of service.

ASOP 34 | §2.3 | ALLOCATION DATE

The date through which the retirement plan benefits are deemed attributable to the marriage. Generally, this is the last day of the allocation period.

ASOP 34 | §2.4 | ALLOCATION METHOD

A method used to determine the portion of retirement plan benefits that is included in marital property.

ASOP 34 | §2.5 | ALLOCATION OF RETIREMENT PLAN BENEFITS

The division of retirement plan benefits into two or more portions: a portion that is fully considered to be marital property and a portion that is not marital property, and perhaps a portion that is determined to be partially marital property.

ASOP 34 | §2.6 | ALLOCATION PERIOD

The period over which the retirement plan benefits deemed attributable to the marriage are determined. The period typically starts from the date of marriage or, if later, the hire date or plan entry date. The period typically ends at the date of marital separation, the date of court order formally ending the marriage, or the date of separation from service or actual retirement.

ASOP 34 | §2.7 | COVERED PARTY

The party in a domestic relations action who is covered by the retirement plan.

ASOP 34 | §2.8 | DIRECT USER

A present or prospective client or employer who has the opportunity to select the actuary and is able to communicate directly with the actuary about the actuary’s qualifications, work, or recommendations.

ASOP 34 | §2.9 | DOMESTIC RELATIONS ACTION

Prenuptial, postnuptial, separation, divorce, and support agreements, and other domestic relations proceedings.

ASOP 34 | §2.10 | DOMESTIC RELATIONS LAW

Federal, state, and local statutes, regulations, case law, and other binding authority that may govern the domestic relations action, the retirement plan or plans, or any other aspect of the actuary’s engagement.

ASOP 34 | §2.11 | DOMESTIC RELATIONS ORDER

A court order dividing retirement plan benefits between the covered party and spouse, or a proposed court order for such purpose.

ASOP 34 | §2.12 | JUDGE

The judicial officer presiding over a domestic relations action, or an arbitrator, mediator, or special master acting in a similar adjudicatory capacity.

ASOP 34 | §2.13 | MARITAL PROPERTY

Assets of the marital estate as determined under the laws and regulations of the applicable jurisdiction.

ASOP 34 | §2.14 | MEASUREMENT DATE

The date as of which the actuarial present value is determined. The measurement date may be different from the allocation date.

ASOP 34 | §2.15 | RETIREMENT PLAN

An employment-related arrangement for determining the amount and timing of retirement benefit payments, eligibility for benefits, etc. A retirement plan may be a defined benefit pension plan, a defined contribution plan, or a hybrid plan with both defined benefit and defined contribution elements.

ASOP 34 | §2.16 | SPOUSE

A party to the domestic relations action who is not the covered party. Normally, the term refers to the current spouse or former spouse of the covered party, but may on occasion refer to a child (or children) or other party to the domestic relations action.