HB371 Summary

• Eliminates the requirement that parties must be married for 10 years before a court may award retirement benefits upon divorce.

• Expands the marital estate to include all retirement benefits acquired during the marriage (vested or unvested) from any employment type, including pensions, 401(k)s, military benefits, and self-employment plans.

• Allows courts to use any equitable method to value, divide, and distribute retirement benefits, with the noncovered spouse receiving no more than 50 percent of benefits considered by the court.

• Requires parties to share equally any passive appreciation or depreciation in retirement benefit values between the award date and distribution date on a pro rata basis.

• Becomes effective on the first day of the third month following passage and gubernatorial approval.