DISTRIBUTIONS UNDER QUALIFIED DOMESTIC RELATIONS ORDERS. (QDRO). Notwithstanding any other provision of this Plan, the Trustee, in accordance with the direction of the Plan Administrator, must comply with the provisions of a QDRO, as defined in Code §414(p), which is issued with respect to the Plan. This Plan specifically permits distribution to an alternate payee under a QDRO at any time, irrespective of whether the Participant has attained his/her earliest retirement age (as defined under Code §414(p)) under the Plan. A distribution to an alternate payee prior to the Participant’s attainment of earliest retirement age is available only if: (1) the QDRO specifies distribution at that time or permits an agreement between the Plan and the alternate payee to authorize an earlier distribution; and (2) if the present value of the alternate payee’s benefits under the Plan exceeds $5,000, and the QDRO requires the alternate payee consents to any distribution occurring prior to the Participant’s attainment of earliest retirement age. Nothing in this Section 6.07 gives a Participant a right to receive distribution at a time the Plan otherwise does not permit nor does Section 6.07 authorize the alternate payee to receive a form of payment the Plan does not permit. The Plan Administrator must establish reasonable procedures to determine the qualified status of a domestic relations order. Upon receiving a domestic relations order, the Plan Administrator promptly will notify the Participant and any alternate payee named in the order, in writing, of the receipt of the order and the Plan’s procedures for determining the qualified status of the order. Within a reasonable period of time after receiving the domestic relations order, the Plan Administrator must determine the qualified status of the order and must notify the Participant and each alternate payee, in writing, of the Plan Administrator’s determination. The Plan Administrator must provide notice under this paragraph by mailing to the individual’s address specified in the domestic relations order, or in a manner consistent with DOL regulations. If any portion of the Participant’s Vested Account Balance is payable under the domestic relations order during the period the Plan Administrator is making its determination of the qualified status of the domestic relations order, the Plan Administrator must maintain a separate accounting of the amounts payable. If the Plan Administrator determines the order is a QDRO within 18 months of the date amounts first are payable following receipt of the domestic relations order, the Plan Administrator will direct the Trustee to distribute the payable amounts in accordance with the QDRO. If the Plan Administrator does not make its determination of the qualified status of the order within the 18-month determination period, the Plan Administrator will direct the Trustee to distribute the payable amounts in the manner the Plan would distribute if the order did not exist and will apply the order prospectively if the Plan Administrator later determines the order is a QDRO. To the extent it is not inconsistent with the provisions of the QDRO, the Plan Administrator under Section 9.08(B) may direct the Trustee to segregate the QDRO amount in a segregated investment account. The Trustee will make any payments or distributions required under this Section 6.07 by separate benefit checks or other separate distribution to the alternate payee(s).
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DISTRIBUTIONS UNDER QUALIFIED DOMESTIC RELATIONS ORDERS. (QDRO). Notwithstanding any other provision of this Plan, the Trustee, in accordance with the direction of the The Plan Administrator, must comply with the provisions of specifically permits distributions to an Alternate Payee under a QDRO, qualified domestic relations order as defined in Code §414(pSection 4 14(p), which is issued with respect to the Plan. This Plan specifically permits distribution to an alternate payee under a QDRO at any time, irrespective of whether the Participant Member has attained his/her his earliest retirement age (age, as defined under in Code §Section 414(p)) , under the Plan. A distribution to an alternate payee prior to Alternate Payee before the Participant’s attainment of Member has attained his earliest retirement age is available only if: (1) the QDRO specifies distribution at that time or permits an agreement between the Plan and the alternate payee to authorize an earlier distribution; and (2) if the present value of the alternate payee’s benefits under the Plan exceeds $5,000, and the QDRO requires the alternate payee consents to any order specifies that distribution occurring shall be made prior to the Participant’s attainment of earliest retirement age or allows the Alternate Payee to elect a distribution prior to the earliest retirement age. Nothing in this Section 6.07 gives section shall permit a Participant a right Member to receive a distribution at a time otherwise not permitted under the Plan otherwise does not nor shall it permit nor does Section 6.07 authorize the alternate payee Alternate Payee to receive a form of payment not permitted under the Plan Plan. The benefit payable to an Alternate Payee shall be subject to the provisions of Section 10.11 if the value of the benefit does not permitexceed $5,000 ($3,500 for Plan Years beginning before August 6, 1997). The Plan Administrator must shall establish reasonable procedures to determine the qualified status of a domestic relations order. Upon receiving a domestic relations order, the Plan Administrator shall promptly will notify the Participant Member and any alternate payee the Alternate Payee named in the order, in writing, of the receipt of the order and the Plan’s procedures for determining the qualified status of the order. Within a reasonable period of time after receiving the domestic relations order, the Plan Administrator must shall determine the qualified status of the order and must shall notify the Participant Member and each alternate payeeAlternate Payee, in writing, of the Plan Administrator’s its determination. The Plan Administrator must shall provide notice under this paragraph by mailing to the individual’s address specified in the domestic relations order, or in a manner consistent with DOL Department of Labor regulations. The Plan Administrator may treat as qualified any domestic relations order entered before January 1, 1985, irrespective of whether it satisfies all the requirements described in Code Section 414(p). If any portion of the ParticipantMember’s Vested Account Balance is payable under the domestic relations order during the period the Plan Administrator is making its determination of the qualified status of the domestic relations order, the Plan Administrator must maintain a separate accounting shall be made of the amounts amount payable. If the Plan Administrator determines the order is a QDRO qualified domestic relations order within 18 months of the date amounts are first are payable following receipt of the domestic relations order, the Plan Administrator will direct the Trustee to distribute the payable amounts shall be distributed in accordance with the QDROorder. If the Plan Administrator does not make its determination of the qualified status of the order within the 18-month determination period, the Plan Administrator will direct the Trustee to distribute the payable amounts shall be distributed in the manner the Plan would distribute if the order did not exist and will apply the order shall apply prospectively if the Plan Administrator later determines the order is a QDRO. To the extent it is not inconsistent with the provisions of the QDRO, the Plan Administrator under Section 9.08(B) may direct the Trustee to segregate the QDRO amount in a segregated investment accountqualified domestic relations order. The Trustee will Plan shall make any payments or distributions required under this Section 6.07 section by separate benefit checks or other separate distribution to the alternate payee(sAlternate Payee(s).
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Samples: 401(k) Profit Sharing Plan Adoption Agreement (First Financial Northwest, Inc.)
DISTRIBUTIONS UNDER QUALIFIED DOMESTIC RELATIONS ORDERS. (QDRO). Notwithstanding any other provision of this Plan, the Trustee, in accordance with the direction of the Plan Administrator, must comply with the provisions of a QDRO, as defined in Code §414(p), which is issued with respect to the Plan. This Plan specifically permits distribution to an alternate payee under a QDRO at any time, irrespective of whether the Participant has attained his/her earliest retirement age (as defined under Code §414(p)) under the Plan. A distribution to an alternate payee prior to the Participant’s 's attainment of earliest retirement age is available only if: (1) the QDRO specifies distribution at that time or permits an agreement between the Plan and the alternate payee to authorize an earlier distribution; and (2) if the present value of the alternate payee’s 's benefits under the Plan exceeds $5,000, and the QDRO requires requires, the alternate payee consents to any distribution occurring prior to the Participant’s 's attainment of earliest retirement age. Nothing in this Section 6.07 gives a Participant a right to receive distribution at a time the Plan otherwise does not permit nor does Section 6.07 authorize the alternate payee to receive a form of payment the Plan does not permit. The Plan Administrator must establish reasonable procedures to determine the qualified status of a domestic relations order. Upon receiving a domestic relations order, the Plan Administrator promptly will notify the Participant and any alternate payee named in the order, in writing, of the receipt of the order and the Plan’s 's procedures for determining the qualified status of the order. Within a reasonable period of time after receiving the domestic relations order, the Plan Administrator must determine the qualified status of the order and must notify the Participant and each alternate payee, in writing, of the Plan Administrator’s 's determination. The Plan Administrator must provide notice under this paragraph by mailing to the individual’s 's address specified in the domestic relations order, or in a manner consistent with DOL regulations. If any portion of the Participant’s 's Vested Account Balance is payable under the domestic relations order during the period the Plan Administrator is making its determination of the qualified status of the domestic relations order, the Plan Administrator must maintain a separate accounting of the amounts payable. If the Plan Administrator determines the order is a QDRO within 18 months of the date amounts first are payable following receipt of the domestic relations order, the Plan Administrator will direct the Trustee to distribute the payable amounts in accordance with the QDRO. If the Plan Administrator does not make its determination of the qualified status of the order within the 18-month determination period, the Plan Administrator will direct the Trustee to distribute the payable amounts in the manner the Plan would distribute if the order did not exist and will apply the order prospectively if the Plan Administrator later determines the order is a QDRO. To the extent it is not inconsistent with the provisions of the QDRO, the Plan Administrator under Section 9.08(B) may direct the Trustee to segregate the QDRO amount in a segregated investment account. The Trustee will make any payments or distributions required under this Section 6.07 by separate benefit checks or other separate distribution to the alternate payee(s).
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Samples: 401(k) Plan Adoption Agreement (Petco Animal Supplies Inc)
DISTRIBUTIONS UNDER QUALIFIED DOMESTIC RELATIONS ORDERS. (QDRO). -------------------------------------------------------------- Notwithstanding any other provision of this Plan, the Trustee, in accordance with the direction of the Plan Administrator, must comply with the provisions of a QDRO, as defined in Code §414(p(S)414(p), which is issued with respect to the Plan. This Plan specifically permits distribution to an alternate payee under a QDRO at any time, irrespective of whether the Participant has attained his/her earliest retirement age (as defined under Code §414(p(S)414(p)) under the Plan. A distribution to an alternate payee prior to the Participant’s 's attainment of earliest retirement age is available only if: (1) the QDRO specifies distribution at that time or permits an agreement between the Plan and the alternate payee to authorize an earlier distribution; and (2) if the present value of the alternate payee’s 's benefits under the Plan exceeds $5,000, and the QDRO requires requires, the alternate payee consents to any distribution occurring prior to the Participant’s 's attainment of earliest retirement age. Nothing in this Section 6.07 gives a Participant a right to receive distribution at a time the Plan otherwise does not permit nor does Section 6.07 authorize the alternate payee to receive a form of payment the Plan does not permit. The Plan Administrator must establish reasonable procedures to determine the qualified status of a domestic relations order. Upon receiving a domestic relations order, the Plan Administrator promptly will notify the Participant and any alternate payee named in the order, in writing, of the receipt of the order and the Plan’s 's procedures for determining the qualified status of the order. Within a reasonable period of time after receiving the domestic relations order, the Plan Administrator must determine the qualified status of the order and must notify the Participant and each alternate payee, in writing, of the Plan Administrator’s 's determination. The Plan Administrator must provide notice under this paragraph by mailing to the individual’s 's address specified in the domestic relations order, or in a manner consistent with DOL regulations. If any portion of the Participant’s 's Vested Account Balance is payable under the domestic relations order during the period the Plan Administrator is making its determination of the qualified status of the domestic relations order, the Plan Administrator must maintain a separate accounting of the amounts payable. If the Plan Administrator determines the order is a QDRO within 18 months of the date amounts first are payable following receipt of the domestic relations order, the Plan Administrator will direct the Trustee to distribute the payable amounts in accordance with the QDRO. If the Plan Administrator does not make its determination of the qualified status of the order within the 18-month determination period, the Plan Administrator will direct the Trustee to distribute the payable amounts in the manner the Plan would distribute if the order did not exist and will apply the order prospectively if the Plan Administrator later determines the order is a QDRO. To the extent it is not inconsistent with the provisions of the QDRO, the Plan Administrator under Section 9.08(B) may direct the Trustee to segregate the QDRO amount in a segregated investment account. The Trustee will make any payments or distributions required under this Section 6.07 by separate benefit checks or other separate distribution to the alternate payee(s).
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DISTRIBUTIONS UNDER QUALIFIED DOMESTIC RELATIONS ORDERS. (QDRO). Notwithstanding any other provision of this Plan, the Trustee, in accordance with the direction of the Plan Administrator, must comply with the provisions of a QDRO, as defined in Code §414(pss.414(p), which is issued with respect to the Plan. This Plan specifically permits distribution to an alternate payee under a QDRO at any time, irrespective of whether the Participant has attained his/her earliest retirement age (as defined under Code §414(pss.414(p)) under the Plan. A distribution to an alternate payee prior to the Participant’s 's attainment of earliest retirement age is available only if: (1) the QDRO specifies distribution at that time or permits an agreement between the Plan and the alternate payee to authorize an earlier distribution; and (2) if the present value of the alternate payee’s 's benefits under the Plan exceeds $5,000, and the QDRO requires requires, the alternate payee consents to any distribution occurring prior to the Participant’s 's attainment of earliest retirement age. Nothing in this Section 6.07 gives a Participant a right to receive distribution at a time the Plan otherwise does not permit nor does Section 6.07 authorize the alternate payee to receive a form of payment the Plan does not permit. The Plan Administrator must establish reasonable procedures to determine the qualified status of a domestic relations order. Upon receiving a domestic relations order, the Plan Administrator promptly will notify the Participant and any alternate payee named in the order, in writing, of the receipt of the order and the Plan’s 's procedures for determining the qualified status of the order. Within a reasonable period of time after receiving the domestic relations order, the Plan Administrator must determine the qualified status of the order and must notify the Participant and each alternate payee, in writing, of the Plan Administrator’s 's determination. The Plan Administrator must provide notice under this paragraph by mailing to the individual’s 's address specified in the domestic relations order, or in a manner consistent with DOL regulations. If any portion of the Participant’s 's Vested Account Balance is payable under the domestic relations order during the period the Plan Administrator is making its determination of the qualified status of the domestic relations order, the Plan Administrator must maintain a separate accounting of the amounts payable. If the Plan Administrator determines the order is a QDRO within 18 months of the date amounts first are payable following receipt of the domestic relations order, the Plan Administrator will direct the Trustee to distribute the payable amounts in accordance with the QDRO. If the Plan Administrator does not make its determination of the qualified status of the order within the 18-month determination period, the Plan Administrator will direct the Trustee to distribute the payable amounts in the manner the Plan would distribute if the order did not exist and will apply the order prospectively if the Plan Administrator later determines the order is a QDRO. To the extent it is not inconsistent with the provisions of the QDRO, the Plan Administrator under Section 9.08(B) may direct the Trustee to segregate the QDRO amount in a segregated investment account. The Trustee will make any payments or distributions required under this Section 6.07 by separate benefit checks or other separate distribution to the alternate payee(s).
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DISTRIBUTIONS UNDER QUALIFIED DOMESTIC RELATIONS ORDERS. (QDRO). Notwithstanding any other provision of Nothing contained in this Plan, Plan prevents the Trustee, in accordance with the direction of the Plan Administrator, must comply from complying with the provisions of a QDRO, QDRO (as defined in Code §414(p(S)414(p), which is issued with respect to the Plan). This Plan specifically permits distribution to an alternate payee under a QDRO at any time, irrespective of whether the Participant has attained his/her earliest retirement age (as defined under Code §414(p(S)414(p)) under the Plan. A distribution to an alternate payee prior to the Participant’s 's attainment of earliest retirement age is available only if: (1) the QDRO specifies distribution at that time or permits an agreement between the Plan and the alternate payee to authorize an earlier distribution; and (2) if the present value of the alternate payee’s 's benefits under the Plan exceeds $5,000, and the QDRO requires requires, the alternate payee consents to any distribution occurring prior to the Participant’s 's attainment of earliest retirement age. Nothing in this Section 6.07 gives a Participant a right to receive distribution at a time otherwise not permitted under the Plan otherwise does not permit nor does Section 6.07 authorize it permit the alternate payee to receive a form of payment not otherwise permitted under the Plan does not permitPlan. The Plan Administrator must establish reasonable procedures to determine the qualified status of a domestic relations order. Upon receiving a domestic relations order, the Plan Administrator promptly will notify the Participant and any alternate payee named in the order, in writing, of the receipt of the order and the Plan’s 's procedures for determining the qualified status of the order. Within a reasonable period of time after receiving the domestic relations order, the Plan Administrator must determine the qualified status of the order and must notify the Participant and each alternate payee, in writing, of the Plan Administrator’s its determination. The Plan Administrator must provide notice under this paragraph by mailing to the individual’s 's address specified in the domestic relations order, or in a manner consistent with DOL Department of Labor regulations. If any portion of the Participant’s 's Vested Account Balance is payable under the domestic relations order during the period the Plan Administrator is making its determination of the qualified status of the domestic relations order, the Plan Administrator must maintain make a separate accounting of the amounts payable. If the Plan Administrator determines the order is a QDRO within 18 months of the date amounts first are payable following receipt of the domestic relations order, the Plan Administrator will direct the Trustee to distribute the payable amounts in accordance with the QDRO. If the Plan Administrator does not make its determination of the qualified status of the order within the 18-month determination period, the Plan Administrator will direct the Trustee to distribute the payable amounts in the manner the Plan would distribute if the order did not exist and will apply the order prospectively if the Plan Administrator later determines the order is a QDRO. To the extent it is not inconsistent with the provisions of the QDRO, the Plan Administrator under Section 9.08(B) may direct the Trustee to segregate the QDRO amount in a segregated investment account. The Trustee will make any payments or distributions required under this Section 6.07 by separate benefit checks or other separate distribution to the alternate payee(s).
Appears in 1 contract
Samples: Employee Profit Sharing and Stock Ownership Plan and Trust Agreement (PBSJ Corp /Fl/)
DISTRIBUTIONS UNDER QUALIFIED DOMESTIC RELATIONS ORDERS. (QDRO). Notwithstanding Not- withstanding any other provision of this Plan, the Trustee, in accordance with the direction of the Plan Administrator, must comply with the provisions of a QDRO, as defined in Code §414(pss.414(p), which is issued with respect to the Plan. This Plan specifically permits distribution to an alternate payee under a QDRO at any time, irrespective of whether the Participant has attained his/her earliest retirement age (as defined under Code §414(pss.414(p)) under the Plan. A distribution to an alternate payee prior to the Participant’s 's attainment of earliest retirement age is available only if: (1) the QDRO specifies distribution at that time or permits an agreement between the Plan and the alternate payee to authorize an earlier distribution; and (2) if the present value of the alternate payee’s 's benefits under the Plan exceeds $5,000, and the QDRO requires requires, the alternate payee consents to any distribution occurring prior to the Participant’s 's attainment of earliest retirement age. Nothing in this Section 6.07 gives a Participant a right to receive distribution at a time the Plan otherwise does not permit nor does Section 6.07 authorize the alternate payee to receive a form of payment the Plan does not permit. The Plan Administrator must establish reasonable procedures to determine the qualified status of a domestic relations order. Upon receiving a domestic relations order, the Plan Administrator promptly will notify the Participant and any alternate payee named in the order, in writing, of the receipt of the order and the Plan’s 's procedures for determining the qualified status of the order. Within a reasonable period of time after receiving the domestic relations order, the Plan Administrator must determine the qualified status of the order and must notify the Participant and each alternate payee, in writing, of the Plan Administrator’s 's determination. The Plan Administrator must provide notice under this paragraph by mailing to the individual’s 's address specified in the domestic relations order, or in a manner consistent with DOL regulations. If any portion of the Participant’s 's Vested Account Balance is payable under the domestic relations order during the period the Plan Administrator is making its determination of the qualified status of the domestic relations order, the Plan Administrator must maintain a separate accounting of the amounts payable. If the Plan Administrator determines the order is a QDRO within 18 months of the date amounts first are payable following receipt of the domestic relations order, the Plan Administrator will direct the Trustee to distribute the payable amounts in accordance with the QDRO. If the Plan Administrator does not make its determination of the qualified status of the order within the 18-month determination period, the Plan Administrator will direct the Trustee to distribute the payable amounts in the manner the Plan would distribute if the order did not exist and will apply the order prospectively if the Plan Administrator later determines the order is a QDRO. To the extent it is not inconsistent with the provisions of the QDRO, the Plan Administrator under Section 9.08(B) may direct the Trustee to segregate the QDRO amount in a segregated investment account. The Trustee will make any payments or distributions required under this Section 6.07 by separate benefit checks or other separate distribution to the alternate payee(s).
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DISTRIBUTIONS UNDER QUALIFIED DOMESTIC RELATIONS ORDERS. (QDRO). Notwithstanding any other provision of this Plan, the Trustee, in accordance with the direction of the The Plan Administrator, must comply with the provisions of specifically permits distributions to an Alternate Payee under a QDRO, qualified domestic relations order as defined in Code §Section 414(p), which is issued with respect to the Plan. This Plan specifically permits distribution to an alternate payee under a QDRO at any time, irrespective of whether the Participant Member has attained his/her his earliest retirement age (age, as defined under in Code §Section 414(p)) , under the Plan. A distribution to an alternate payee prior to Alternate Payee before the Participant’s attainment of Member has attained his earliest retirement age is available only if: (1) the QDRO specifies distribution at that time or permits an agreement between the Plan and the alternate payee to authorize an earlier distribution; and (2) if the present value of the alternate payee’s benefits under the Plan exceeds $5,000, and the QDRO requires the alternate payee consents to any order specifies that distribution occurring shall be made prior to the Participant’s attainment of earliest retirement age or allows the Alternate Payee to elect a distribution prior to the earliest retirement age. Nothing in this Section 6.07 gives section shall permit a Participant a right Member to receive a distribution at a time otherwise not permitted under the Plan otherwise does not nor shall it permit nor does Section 6.07 authorize the alternate payee Alternate Payee to receive a form of payment not permitted under the Plan Plan. The benefit payable to an Alternate Payee shall be subject to the provisions of Section 10.11 if the value of the benefit does not permitexceed $5,000 ($3,500 for Plan Years beginning before August 6, 1997). The Plan Administrator must shall establish reasonable procedures to determine the qualified status of a domestic relations order. Upon receiving a domestic relations order, the Plan Administrator shall promptly will notify the Participant Member and any alternate payee the Alternate Payee named in the order, in writing, of the receipt of the order and the Plan’s 's procedures for determining the qualified status of the order. Within a reasonable period of time after receiving the domestic relations order, the Plan Administrator must shall determine the qualified status of the order and must shall notify the Participant Member and each alternate payeeAlternate Payee, in writing, of the Plan Administrator’s its determination. The Plan Administrator must shall provide notice under this paragraph by mailing to the individual’s 's address specified in the domestic relations order, or in a manner consistent with DOL Department of Labor regulations. The Plan Administrator may treat as qualified any domestic relations order entered before January 1, 1985, irrespective of whether it satisfies all the requirements described in Code Section 414(p). If any portion of the Participant’s Member's Vested Account Balance is payable under the domestic relations order during the period the Plan Administrator is making its determination of the qualified status of the domestic relations order, the Plan Administrator must maintain a separate accounting shall be made of the amounts amount payable. If the Plan Administrator determines the order is a QDRO qualified domestic relations order within 18 months of the date amounts are first are payable following receipt of the domestic relations order, the Plan Administrator will direct the Trustee to distribute the payable amounts shall be distributed in accordance with the QDROorder. If the Plan Administrator does not make its determination of the qualified status of the order within the 18-month determination period, the Plan Administrator will direct the Trustee to distribute the payable amounts shall be distributed in the manner the Plan would distribute if the order did not exist and will apply the order shall apply prospectively if the Plan Administrator later determines the order is a QDRO. To the extent it is not inconsistent with the provisions of the QDRO, the Plan Administrator under Section 9.08(B) may direct the Trustee to segregate the QDRO amount in a segregated investment accountqualified domestic relations order. The Trustee will Plan shall make any payments or distributions required under this Section 6.07 section by separate benefit checks or other separate distribution to the alternate payee(sAlternate Payee(s).
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