Benefits Not Transferable or Assignable. A. Benefits under this Agreement shall not be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, nor shall any such benefits be in any way liable for or subject to the debts, contracts, liabilities, engagements or torts of any person entitled to them. Any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge such benefits shall be void. This
Benefits Not Transferable or Assignable. A. Benefits under the Plan shall not be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge such benefits shall be void, nor shall any such benefits be in any way liable for or subject to the debts, contracts, liabilities, engagements or torts of any person entitled to them. However, a Participant may name a recipient for any benefits payable or which would become payable to a Participant upon his death. In addition, the following actions shall not be treated or construed as an assignment or alienation:
(a) Plan Contribution or distribution tax withholding; (b) recovery of distribution overpayments to a Participant or Designated Beneficiary; (c) direct deposit of a distribution to a Participant's or Designated Beneficiary's banking institution account; or (d) transfer of Participant rights from one Plan to another Plan, if applicable.
B. The Employer may bring an action for a declaratory judgment if a Participant's, Designated Beneficiary's or any Beneficiary's benefits hereunder are attached by an order from any court. The Employer may seek such declaratory judgment in any court of competent jurisdiction to:
(1) determine the proper recipient or recipients of the benefits to be paid under the Plan;
(2) protect the operation and consequences of the Plan for the Employer and all Participants; and
(3) request any other equitable relief the Employer in its sole and exclusive judgment may feel appropriate. Benefits which may become payable during the pendency of such an action shall, at the sole discretion of the Employer, either be:
(1) paid into the court as they become payable or
(2) held in the Participant's or Designated Beneficiary's Account subject to the court's final distribution order.
Benefits Not Transferable or Assignable. A. Benefits under the Plan shall not be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge such benefits shall be void, nor shall any such benefits be in any way liable for or subject to the debts, contracts, liabilities, engagements or torts of any person entitled to them. This section shall also apply to the creation, assignment or recognition of a right to any benefit payable with respect to a Participant pursuant to a domestic relations order, including a qualified domestic relations order under Section 414(p) of the Code.
B. An Employer may bring an action for a declaratory judgment if a Participant’s Named Beneficiary or any beneficiary’s benefits hereunder are threatened to be attached by an order from any court. The Employer may seek such declaratory judgment in a court of competent jurisdiction to:
1. Determine the proper recipient or recipients of the benefits to be paid under the plan;
2. Protect the operation and consequences of the Plan for the Employer and all Participants; and
3. Request any other equitable relief the Employer in its sole judgment may feel appropriate. Benefits which may become payable during the pendency of such an action shall, at the sole discretion of the Employer, either be:
1. Paid into the court as they become payable, or
2. Held in a separate account subject to the court’s final distribution order. Any such delay shall comply in all respects with Code Section 409A.
C. Notwithstanding anything in the Agreement or Plan to the contrary, the Participant’s (and, if applicable, Beneficiary’s) rights in respect of the Agreement and Plan shall be no greater than that of a general unsecured creditor of the Employer.
