In the case of military pensions, private pensions, and federal pensions – if you do not include a Survivor Benefit Plan (SBP) that allows a retiree to ensure after their death a lifetime annuity for their dependents, their dependents will not receive it. These plans act as a life insurance policy on a pension and require a premium.
Some attorneys do not realize that the SBP is a separate asset and don’t include it in court documents. This can have serious consequences for dependent survivors.
Jimmy and Alexa Lewis of the Law Firm Shewmaker & Lewis discuss survivor Survivor Benefit Plans (SBP)in this video, and how to guarantee dependents receive the benefits due them.
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