CSS and Pension Value

Has anyone completed the CSS Profile with either you or your spouse having a pension that does NOT have a cashout value? My husband has a pension with a former company. Statements show monthly payout at time of retirement until time of death (he’s not retired, so we are not collecting - this is for the section on 401ks etc.). I have no idea how to report this and don’t think there is a cash value for the account since would vary based on his lifespan. Any ideas? I want to be done with CSS Profile, but this question is holding me up. Thanks.

It doesn’t matter if it has a cash out value or not. Look at your retirement account statement. The current value should be there…for if you retired now. I believe you would use that number.

@BelknapPoint

Is the pension a defined benefit plan?

@BelknapPoint - yes I believe it is a defined benefit plan - it’s tied to salary and length of service and the statements all reflect a monthly payment at time of retirement and a lesser spousal payment if the retiree passes. None of my statements show any sort of overall balance or value.

@thumper1 - my statements (i have several) only show “current monthly accrued benefit” Here is some of the language “…you have a right to a Plan benefit beginning at age 65 based on the benefit credited to you at termination. If you leave service before retirement but after you have completed ten years of vesting service, you may receive a reduced benefit starting as early as age 55.” The statements all show credited service and a monthly life benefit and a survivor benefit.

I don’t have a definitive answer, but I would be hard-pressed to understand how it would be reportable on CSS. I don’t have a defined benefit plan, but I’ve contributed to social security my whole life and I get a statement telling me how much I would get if I retired now. Wouldn’t reporting future pension benefits be the same thing as my having to report future social security benefits?

@brantly - that’s my thought - looks very similar to ss payments, but very new to this process and don’t want to mess it up especially since the CSS specifically mentions pensions.