Common use of Distributions Under a Qualified Domestic Relations Order Clause in Contracts

Distributions Under a Qualified Domestic Relations Order. (a) Distributions of all or any part of a Participant’s Account pursuant to the provisions of a qualified domestic relations order (QDRO) as defined in Code Section 414(p) are specifically authorized. (b) The earliest retirement age shall be the earlier of: (1) The earliest date that benefits are payable under this Agreement to the Participant; or (2) The later of the date the Participant attains age 50 or the date on which the Participant could obtain a distribution from this Agreement if the Participant had separated from service. (c) The Alternate Payee may receive a payment of benefits under this Agreement in any optional form of benefit available under Section 5.4 herein, including a Direct Rollover. (d) The Alternate Payee may receive a payment of a benefit under this Agreement prior to the earliest retirement age as defined in Section 5.7 herein if the QDRO specifically provides for such earlier payment. If the present value of the payment exceeds $5,000, the Alternate Payee must consent in writing to such distribution.

Distributions Under a Qualified Domestic Relations Order. (a) Distributions of all or any part of a Participant’s Account pursuant to the provisions of a qualified domestic relations order (QDRO) as defined in Code Section 414(p) are specifically authorized. (b) The earliest retirement age shall be the earlier of: (1i) The earliest date that benefits are payable under this Agreement to the Participant; or (2ii) The later of the date the Participant attains age 50 or the date on which the Participant could obtain a distribution from this Agreement if the Participant had separated from service. (c) The Alternate Payee may receive a payment of benefits under this Agreement in any optional form of benefit available under Section 5.4 herein, including a Direct Rollover. (d) The Alternate Payee may receive a payment of a benefit under this Agreement prior to the earliest retirement age as defined in Section 5.7 herein if the QDRO specifically provides for such earlier payment. If the present value of the payment exceeds $5,000, the Alternate Payee must consent in writing to such distribution.