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Author Topic: What to do with STRS  (Read 1387 times)
TopGun
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You can go through a divorce or grow through it!
« on: January 19, 2010, 01:28:20 PM »
My ex wife is an assistant superintendant in the Ohio School system.  She was a part of the State Teachers Retirement System for the 18 yrs of our marriage.  I have been awarded a percentage of the Retirement plan and am wondering what to do with it.  Should I leave it in there until she retires?  Should I get a lump sum and put it into my own personal IRA?  Are there other options that you could share with me that I don't have a clue about?  I do have a Financial Advisor, I just wanted HEO insight before going to see him so I will have a little bit of knowledge and understanding of what others have done in a similar situation.  Thanks TG
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"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

Adversity is a bridge to a deeper realtionship with God.

Let go of the past.  There's no future in it!
TC
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« Reply #1 on: January 19, 2010, 01:32:56 PM »
Just my gut reaction based on personal experience...but were I in your shoes, I would separate what I had coming to me from the ex as soon as I could.  I tend to be somewhat of a control freak when it comes to matters like this though so take my input with a grain of salt.

TC
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God grant me the serenity to accept the things I cannot change,
Courage to change the things I can,
and the wisdom to know the difference.
m_t
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« Reply #2 on: January 19, 2010, 01:57:05 PM »
Find out if you can do a QDRO and leave the money in the same system, assuming that it is well managed. That's what I did.
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livealittle
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« Reply #3 on: January 19, 2010, 03:29:26 PM »
Quote from: m_t on January 19, 2010, 01:57:05 PM
Find out if you can do a QDRO and leave the money in the same system, assuming that it is well managed. That's what I did.

this, plus check to see what the tax ramifications are for you under different situations

*you have your part pulled out and sent to you in a check made out to you
*you have your part seperated from your x's and managed by the same people/left in the system but under your name and SSN only
*you have your part "rolled out" into a different retirement vehicle directly where you never actually touch the money
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TopGun
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You can go through a divorce or grow through it!
« Reply #4 on: January 20, 2010, 10:21:02 AM »
Actually, it is a Goverment program where she has no input on what occurrs to the account.  But, like TC stated, I would kind of like to in charge of what is mine and be able to invest it myself.  Thanks everyone for your input.  Since I just got my decree, do I have a certain amount of time to decide on what I am going to do with my portion?  TG
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"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

Adversity is a bridge to a deeper realtionship with God.

Let go of the past.  There's no future in it!
livealittle
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« Reply #5 on: January 20, 2010, 10:26:01 AM »
Quote from: TopGun on January 20, 2010, 10:21:02 AM
Actually, it is a Goverment program where she has no input on what occurrs to the account.  But, like TC stated, I would kind of like to in charge of what is mine and be able to invest it myself.  Thanks everyone for your input.  Since I just got my decree, do I have a certain amount of time to decide on what I am going to do with my portion?  TG

that should be in your divorce decree.

if it isn't normally "within a reasonable time" is assumed. This can mean anywhere from 30-120 days depending on your exact circumstances. I wouldn't wait 6 months to start checking into things that's for sure.
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TopGun
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You can go through a divorce or grow through it!
« Reply #6 on: January 20, 2010, 10:31:37 AM »
They did a QDRO on my retirement plan that she got half of, but I don't think they did a QDRO on hers.  They did something called a DOPO?  Not sure what that is, anyone know what this is.  It is similar to a QDRO I believe, but I would like to know for sure.  TG
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"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11

Adversity is a bridge to a deeper realtionship with God.

Let go of the past.  There's no future in it!
Sofia325
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« Reply #7 on: January 26, 2010, 02:39:52 PM »
Get whatever portion is yours out asap...I would check to see if I could put it in an IRA Rollover if possible.
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