QDROs during Withdrawal Phase Sample Clauses

QDROs during Withdrawal Phase. A Plan Participant must notify GWL&A of NY and the Plan Sponsor in the event of divorce, and Plan Sponsor must confirm receipt of such notice with GWL&A of NY. A request in connection with a Qualified Domestic Relations Order (QDRO) must be approved by the Plan Sponsor, except as otherwise agreed, and received in Good Order. GWL&A of NY will make payment to Alternate Payees or establish an Account on behalf of the Alternate Payees named in such order. As applicable, the Alternate Payees will be treated as a surviving spouse for purposes of Code section 401(a)(9) and will be responsible for submitting a request, in Good Order, to begin Distributions in accordance with the Code. Pursuant to the instructions in the QDRO, if there is a single Covered Person, the Plan Participant’s Benefit Base and his or her respective Covered Fund Value will be divided in the proportion specified in the QDRO as of the effective date of the QDRO. The Plan Participant may continue to receive the proportional GAWs after the Accounts are split. With respect to a spouse Alternate Payee, GWL&A of NY will establish an Account on behalf of the Alternate Payee where the GLWB Participant’s Benefit Base and Covered Fund Value are divided pursuant to the QDRO and where the Alternate Payee is in the Accumulation Phase. Alternatively, a spouse Alternate Payee may elect to either (1) establish a new Benefit Base in the Accumulation Phase where the Benefit Base equals the Covered Fund Value on the date the Alternate Payee’s Account is established, or (2) elect to receive a lump sum payment of the applicable portion of the Covered Fund Value in accordance with the QDRO. If the spouse Alternate Payee elects to begin GAWs in accordance with this Contract, the spouse Alternate Payee will become single Covered Person and will be subject to the Plan, Contract, and Code. The spouse Alternate Payee cannot select a joint Covered Person. If there are joint Covered Persons, the Plan Participant’s Benefit Base and respective Covered Fund Value will be divided as specified in the QDRO as of the effective date of the QDRO. The Plan Participant may continue to receive the proportional GAWs after the Accounts are split, based on the amounts calculated pursuant to the joint Covered Persons XXX%. After the split, the Plan Participant will continue to receive the joint Covered Person XXX% for the life of the Plan Participant, but the Plan Participant cannot select a new joint Covered Person - the Plan Particip...