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Is this asset that is being divided as part of a Qualified Domestic Relations Order (QDRO)?
Also, please let me know, when you say "pension" you mean a monthly income benefit only. This is not a 401K or anything that would allow her to take a lump sum, correct?
That is correct, this is part of a QDRO. She has the option to take 10% as a lump sum, and then receive reduced monthly payments, or just receive payments with no lump sum. This pension is from a carpenter's Union pension, not a 401K
She is NOT required to demand it in 3 months. The extra help program will consider the pension as part of her income when she is required to begin drawing it at age 65. If she waits to begin drawing it at age 65 then the income distributions from the pension will be included in her income for purposes of determining her eligibility for extra help benefits at that time.
To qualify for Extra Help, your annual income must be limited to $16,755 for an individual.
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