What is an “if, as, and when” award, and how does it work and what formula is used in an “if, as, and when” award?
The “if, as and when” method, recognizes that the value of a pension at the time of divorce cannot be ascertained with certainty until the employee spouse retires. This third method, which has been used widely, uses a formula for computing the nonemployee spouse’s share of any future payments the employee spouse receives under the plan, payable to the non-employee spouse as, if, and when paid to the employee-spouse. Under this approach, of course, it is unnecessary to determine the value of the pension at all. The court need do no more than state the formula to be used to determine the percentage to which the non-employee spouse will be entitled. The formula used in an “if, as, and when” award of pension benefits, referred to as the Bangs formula, calculates the value of the pension to which the non-employee spouse is entitled as a percentage, usually 50%, multiplied by a fraction, the numerator of which is the number of months and years of employment during the marriage, and the denom
