Agenda - 12-07-2009 - 4g - Laserfiche WebLink

Browse Search

36 (3) The "value" of the IRA includes the amount of any outstanding rollover, transfer and recharacterization under QRAs-7 and -8 of Section 1.408-8 of the Income "Tax Regulations. (4) If the sole Beneficiary is the Employee's surviving spouse, the spouse ma}> elect to treat the IRA as his or her own I12A. This election will be deemed to have been made if such surviving spouse makes a contribution ro the IRA or fails to take rcquired distributions as a Beneficiar}: (g) Noy fotfeitaGde. The interest of an Employee in the balance in his or her account is nanforfeitable at all times. (h) Reparrifrg. The Deemed IRATrustee of a Deemed Roth IRA shall furnish annual calendar-year reports concerning the status of the Deemed IRA account and such information concerning required minimum distributiots as is prescribed by the Commissioner of Internal Revenue. (i) SrrGstitution of Deemed IRA Trustee. If the Deemed IRA Trustee is a non-bank trustee or custodian, the tion- banktrustee or custodian shall substitute another trustee or custodian if the non-bank trustee or custodian receives notice from the Commissioner of Internal Revenue that such substitution is required because it has failed to comply with the requirements of Section 1.408-2{e) of the Income Tax Regulations and Section 1.408-2T of the Income Tax Regulations. Article X. Non-Assignability 10.01 General. Except as provided in Article VIII and Section 10.02, no Participant or Beneficiary shall have any right to commute, sell, assign; pledge, transfer or otherwise tom>ey or encumber the right ro receive any payments hereunder, which payments and rights are express!}• declared to be non-assignable and non-transferable. 10.Q2 Domestic Relations Orders. (a) Aldowa~rce ofTrunsfers: To the extent rcquired under a final judgment, decree, ar order {including approval of a property settlement agreement) that (1) relates to the provision of child support, alimon}> payments, or marital property rights and (2} is made pursuant to a state domestic relations law, and (3) is permitted under Sections 414(p)(11) and (12) of the Code, any portion of a Participant's Account ma}' be paid or set aside for payment to a spouse, former spouse, child, or other dependent of the Participant (an "Alternate Payee"). Where necessary to tarry out the terms of such an arder, a separate Account shall be established with respect to the Alternate Pa}>ee ~vho shall be entitled to make investment selections ~vitli respect thereto in the same manner as the Participant. Any amount so set aside for an Alternate Payee shall be paid in accordance with the form and timing of payment specified in the order. Nothing in this Section shall be construed to authorize any amount to be distributed under the Plan at a time or in a form that is not permitted under Section 457(6) of the Code and is explicitly permitted under the uniform procedures described in Seerioti 10.2{d) below: Non:>ithstanding the foregoing sentence, if a judgment, decree ar order (including approval of a property scttlemetit agreement) that relates to the provision of child support, alimon}> payments, or the marital properq> rights of a spouse or farmer spouse, child, ar ot(ter dependent of a Participant is made pursuant to the domestic relations late of any Stare, then the amount of the Participant's Account shall be paid in the manner and to the person or persons so directed in the domestic relations order. Such payment shall be made without regard to whether the Participant is eligible for a distribution of benefits under the Plan. The Administrator shall establish reasonable procedures for determining the status of any such decree or arder and for effectuating distribution pursuant to the domestic relations order. Any payment made to a person pursuant to this Section shall be reduced b}> any required income tax withhold'mg. (b) Release fro~fr LiaGility to Participrtttt: The Emplo}>er's liabilit}> to pay benefits to a Participant shall be reduced to the extent that amounts have been paid or set aside for pa}>ment to an tternate Payee to paragraph (a) of this Section and the Participant and his or her Bene&ciaries shall be deemed to have released the Employer and the Plan Administrator from any claim with respect to such amounts. 21