HB328 Summary

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

• Expands the definition of marital estate to include any vested or unvested retirement interests accumulated during marriage from all types of employment, including individual, joint, group retirement plans, pensions, and annuities.

• Permits courts to use any equitable method of valuing, dividing, and distributing retirement benefits, with the noncovered spouse receiving no more than 50 percent of the retirement benefits considered by the court.

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

• Becomes effective January 1, 2017.