Common use of Waiver of Benefits Clause in Contracts

Waiver of Benefits. ______Based on ___ Husband’s ___ Wife’s employment during the marriage with _______________________________________________________________________, a community interest has arisen in the following plan(s):___________________________ _______________________________________________________________________. Under the terms of this agreement, that entire interest, including the right to name beneficiaries other than the employee’s spouse for death and survivor benefits payable under the plan, is being awarded to the employee-spouse. The non-employee spouse is informed that, under federal law or the terms of the plan, she/he may, but for this agreement, have become entitled to survivor rights or benefits payable by the plan. The non-employee spouse shall timely sign whatever documents, including but not limited to a stipulated qualified domestic relations order (QDRO), that are required to implement her/his waiver of spousal rights in the plan, including written consent to the employee spouse’s designation of one or more alternate beneficiaries. This provision does not waive any right expressly provided in any trust agreement or beneficiary designation executed by the employee spouse after the effective date of this agreement.

Waiver of Benefits. ______Based on ___ Husband’s ___ Wife’s employment during the marriage with ______ _______________________________________________________________________, a community interest has arisen in the following plan(s):___________________________ _______________________________________________________________________. Under the terms of this agreement, that entire interest, including the right to name beneficiaries other than the employee’s spouse for death and survivor benefits payable under the plan, is being awarded to the employee-spouse. The non-employee spouse is informed that, under federal law or the terms of the plan, she/he may, but for this agreement, have become entitled to survivor rights or benefits payable by the plan. The non-employee spouse shall timely sign whatever documents, including but not limited to MARITAL SETTLEMENT AGREEMENT 9 a stipulated qualified domestic relations order (QDRO), that are required to implement her/his waiver of spousal rights in the plan, including written consent to the employee spouse’s designation of one or more alternate beneficiaries. This provision does not waive any right expressly provided in any trust agreement or beneficiary designation executed by the employee spouse after the effective date of this agreement.