Wendy Catania v. Robert J. Catania (2010)

MEMORANDUM OF DECISION

This matter came before the court on September 28, 2010 wherein the plaintiff was seeking a dissolution of marriage and other relief.   The defendant appeared with counsel as did the plaintiff and the parties proceeded to trial.   Both parties offered their testimony and that of their witnesses and introduced documentary evidence.

The court makes the initial findings of fact.   It has jurisdiction.   All statutory stays have expired.   The allegations of the complaint are proved and true.   Judgment of dissolution of marriage shall enter on the grounds of irretrievable breakdown.

At the commencement of trial the parties presented to the court a Partial Agreement and Stipulation for Judgment executed as of September 23, 2010.   The agreement covered all aspects of Connecticut General Statutes (“CGS”) Sections 46b-81 and 46b-82 with the exception of the parties deferred compensation, including Social Security benefits.   Said Agreement was approved and incorporated into the judgment.

The parties were in agreement that the marital portion of their deferred compensation should be divided equally, adjusted for coverture.   However, they differ in the valuation of their deferred compensation and the treatment of Social Security benefits.   Both parties testified as to all of the statutory criteria set forth in CGS Section 46b-81 and Section 46b-82.   In addition, the plaintiff proffered the testimony of James Gobes who qualified as an expert in the actuarial field.   The defendant proffered the testimony of Peter Wu who also qualified as an expert in the same field as Mister Gobes.   Also testifying was Nancy Merrill, a pension assistant with the Town of West Hartford.

The plaintiff filed with the court a financial affidavit duly executed.   Under the Section referred to as Deferred Compensation she listed a 403B Fidelity Investments (9/22/10) having a value of $59,416 and a Town of West Hartford Pension having a present value of $135,842.   She also has a social security benefit which has a present value of $152,951.   She is an accountant for the West Hartford Public Schools.

The defendant filed with the court a financial affidavit duly executed.   He listed a Town of Rocky Hill Pension-Present Value $330,190.   He is a police lieutenant for the Town of Rocky Hill. He will not be eligible for Social Security benefits.

Both parties filed proposed orders and copies of cases which they claim support their clients' positions.   The court has reviewed the financial affidavits, the testimony of the parties and their witnesses, the exhibits and the proposed orders and case law.

The plaintiff proposes that she retain her 403B plan and she receive by way of a Qualified Domestic Relations Order (QDRO), 50% of the defendant's pension without any social security offset and she transfer 50% of the marital portion of her pension by way of a QDRO. The defendant proposes that his pension be reduced by the present value of the social security benefits the plaintiff will receive and that he receive 50% of the plaintiff's pension by way of a QDRO. He further seeks 50% of the plaintiff's 403B plan.   He further proposes that there be a “netting effect” thereby reducing the need for QDROs except for the 403B plan of the plaintiff.

Both Mister Gobes and Mister Wu testified at length as to the valuation of the deferred compensation plans and their methodologies in reaching their valuations which are substantially different.

The court makes the following findings:

1.  The present value of the plaintiff's pension plan with the Town of West Hartford amounts to $147,526.

2. The present value of the defendant's pension with the Town of Rocky Hill amounts to $330,190.

3. The present value of the plaintiff's 403B plan amounts to $59,416.

4. The present value of the plaintiff's Social Security benefits amounts to $152,951.

5. All valuations are as of September 28, 2010.

6. If applicable, the valuations set forth above have to be adjusted for coverture.

The following orders shall enter:

1.  The plaintiff's total deferred compensation amounts to $359,893 ($147,526 + $59,416 + $152,951) and the defendant's amounts to $330,190.   The difference amounts to $29,703 in plaintiffs favor.   Therefore, the defendant is entitled to 50% of said amount, or $14,851.   The court orders the plaintiff to transfer to the defendant by QDRO the sum of $14,851.

2. The amounts set forth above must be adjusted for any coverture that applies to any form of deferred compensation.

3. The QDRO shall be prepared by Attorney Elizabeth McMahon or any other professional selected by the parties skilled in the preparation of QDROs and the cost of such preparation shall be borne equally by the parties.

4. The court retains jurisdiction over the preparation of the QDRO.

SO ORDERED.

BY THE COURT

CARUSO,J.T.R.

Caruso, John R., J.T.R.