Waiver of Rights to Wife’s Retirement Assets Sample Clauses

Waiver of Rights to Wife’s Retirement Assets. XXXX waives all right, title, and interest that he may have in ALLISON’s existing and future Individual Retirement Accounts (“XXX”) and other retirement benefits and deferred-compensation plans, whether lump-sum or installment, arising from ALLISON’s employment before or during the Marriage, all of which are partitioned and exchanged to XXXXXXX as her separate property. XXXX acknowledges that this waiver includes all rights that he has or may have to receive any benefits or payments from XXXXXXX’x XXX and other retirement benefits and deferred-compensation plans that exist before or during the Marriage. XXXX further waives all rights he may have to participate in any decisions about the designation of beneficiaries, election of benefits, or any other types of decisions to be made by XXXXXXX under her existing or future XXX plans and other retirement benefits and deferred-compensation plans, including but not limited to any right to a qualified joint and survivor annuity or a qualified preretirement survivor annuity. XXXX further acknowledges that it is his intent that XXXXXXX will have the sole and absolute discretion under her existing and future XXX plans and other retirement benefits and deferred-compensation plans to designate beneficiaries, elect benefits, and make any other decisions. Thus, XXXX agrees that if he receives any part of or benefits from XXXXXXX’x XXX plans or other retirement benefits and deferred-compensation plans, other than under ALLISON’s express designation of him as a named beneficiary, XXXX will promptly return such benefits to XXXXXXX or to her estate if she is no longer living. XXXX agrees that within ninety days after the Marriage, he will execute all forms necessary to effectuate the waivers contained in this Section, including but not limited to (1) a beneficiary designation naming someone other than XXXX as beneficiary, (2) an election to waive any preretirement survivor annuity, (3) an election to waive any joint and survivor annuity, and (4) an election to designate a benefit payment option.
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Related to Waiver of Rights to Wife’s Retirement Assets

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