Court Orders and Settlement Agreements Clause Samples

Court Orders and Settlement Agreements. Notwithstanding the provisions of Section 19.01, benefits payable to a Participant under this Plan shall be offset if the Participant is required to pay money to the Plan (a) due to a conviction of a crime against the Plan, (b) under a court order in a civil suit for breach of fiduciary duty under ERISA, or (c) under a settlement agreement with the Department of Labor, or the Pension Benefit Guaranty Corporation, for breach of fiduciary duty. This Section shall apply only to such judgments, orders, and decrees issued, and settlement agreements entered into on or after August 5, 1997. The court order or settlement agreement must expressly provide for the offset of the Participant’s benefits.