Common use of Nonassignability of Benefits and Assets Clause in Contracts

Nonassignability of Benefits and Assets. The benefits provided herein and the assets of a Participant Account shall not be subject, whether voluntarily or involuntarily, to alienation, assignment, legal process, garnishment, attachment, execution or levy of any kind (other than with regard to the payment of the Custodian and the Program Sponsor’s fees and expenses as authorized by this Custodial Agreement), and any attempt to cause such assets to be so subjected shall not be recognized except to the extent as may be required by law or as provided herein. Neither the foregoing nor any provision of this Custodial Agreement, however, shall restrict compliance with a court order determined to be a Qualified Domestic Relations Order. If the Program Sponsor so determines, the amount payable with respect to that order shall immediately be distributed in a single sum to the “alternate payee” (as defined in Code Section 414(p)).

Appears in 4 contracts

Samples: Custodial Account Agreement, Custodial Account Agreement, Custodial Account Agreement

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Nonassignability of Benefits and Assets. The benefits provided herein and the assets of a the Participant Account shall not be subject, whether voluntarily or involuntarily, to alienation, assignment, legal process, garnishment, attachment, execution or levy of any kind (other than with regard to the payment of the Custodian and the Program Sponsor’s fees and expenses as authorized by this Custodial Agreement), and any attempt to cause such assets to be so subjected shall not be recognized except to the extent as may be required by law or as provided herein. Neither the foregoing nor any provision of this Custodial Agreement, however, shall restrict compliance with a court order determined to be a Qualified Domestic Relations Order. If the Program Sponsor so determines, the amount payable with respect to that order shall immediately be distributed in a single sum to the “alternate payee” (as the“alternate payee”(as defined in Code Section 414(p)).

Appears in 2 contracts

Samples: Custodial Account Agreement, Custodial Account Agreement

Nonassignability of Benefits and Assets. The benefits provided herein and the assets of a the Participant Account shall not be subject, whether voluntarily or involuntarily, to alienation, assignment, legal process, garnishment, attachment, execution or levy of any kind (other than with regard to the payment of the Custodian and the Program Sponsor’s fees and expenses as authorized by this Custodial Agreement), and any attempt to cause such assets to be so subjected shall not be recognized except to the extent as may be required by law or as provided herein. Neither the foregoing nor any provision of this Custodial Agreement, however, shall restrict compliance with a court order determined to be a Qualified Domestic Relations Order. If the Program Sponsor so determines, the amount payable with respect to that order shall immediately be distributed in a single sum to the “alternate payee” (as payee”(as defined in Code Section 414(p)).

Appears in 2 contracts

Samples: Custodial Account Agreement, Custodial Account Agreement

Nonassignability of Benefits and Assets. The benefits provided herein and the assets of a the Participant Account shall not be subject, whether voluntarily voluntary or involuntarily, to alienation, assignment, legal process, garnishment, attachment, execution or levy of any kind (other than with regard to the payment of the Custodian and the Program SponsorPlan Provider’s fees and expenses as authorized by this Custodial Agreement), and any attempt to cause such assets to be so subjected shall not be recognized except to the extent as may be required by law or as provided herein. Neither the foregoing nor any provision of this Custodial Agreement, however, shall restrict compliance with a court order determined to be a Qualified Domestic Relations Order“qualified domestic relations order” defined in Code Section 414(p). If the Program Sponsor Plan Provider so determines, the amount payable with respect to that order shall immediately be distributed in a single sum to the “alternate payee” (as defined in Code Section 414(p)).

Appears in 1 contract

Samples: 403(b)(7) Custodial Account Agreement

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Nonassignability of Benefits and Assets. The benefits provided herein and the assets of a the Participant Account shall not be subject, whether voluntarily voluntary or involuntarily, to alienation, assignment, legal process, garnishment, attachment, execution or levy of any kind (other than with regard to the payment of the ofthe Custodian and the Program SponsorPlan Provider’s fees and expenses as authorized by this Custodial Agreement), and any attempt to cause such assets to be so subjected shall not be recognized except to the extent as may be required by law or as provided herein. Neither the foregoing nor any provision of this Custodial Agreement, however, shall restrict compliance with a court order determined to be a Qualified Domestic Relations Order“qualified domestic relations order” defined in Code Section 414(p). If the Program Sponsor Plan Provider so determines, the amount payable with respect to that order shall immediately be distributed in a single sum to the “alternate payee” (as defined in Code Section 414(p)).

Appears in 1 contract

Samples: 403(b)(7) Account Application & Agreement

Nonassignability of Benefits and Assets. The benefits provided herein and the assets of a the Participant Account shall not be subject, whether voluntarily voluntary or involuntarily, to for alienation, assignment, legal process, garnishment, attachment, execution or levy of any kind (other than with regard to the payment of the Custodian and the Program SponsorPlan Provider’s fees and expenses as authorized by this Custodial Agreement), and any attempt to cause such assets to be so subjected shall not be recognized except to the extent as may be required by law or as provided herein. Neither the foregoing nor any provision of this Custodial Agreement, however, shall restrict compliance with a court order determined to be a Qualified Domestic Relations Order"qualified domestic relations order" defined in Code Section 414(p). If the Program Sponsor Plan Provider so determines, the amount payable with respect to that order shall immediately be distributed in a single sum to the "alternate payee" (as defined in Code Section 414(p)).

Appears in 1 contract

Samples: 403(b)(7) Account Application and Agreement

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