Common use of QDRO Procedure Clause in Contracts

QDRO Procedure. As authorized by Section 2(F) of this Article, the following procedures apply unless modified by the Employer. Within 90 days after receiving any domestic relations order purporting to affect a Participant's Accounts in this Plan, the Employer or its designee) shall determine whether the order is a Qualified Domestic Relations Order and notify the Participant and each Alternate Payee. If the Employer determines that the order does not constitute a Qualified Domestic Relations Order, then it shall explain why the order fails to be a Qualified Domestic Relations Order. If the above action is not accomplished within 30 days after receiving any domestic relations order, then the Employer shall first notify the same individuals that it received the order and that it will determine whether the order is a Qualified Domestic Relations Order within 90 days after the order was received. Each Alternate Payee may designate a representative for receipt of copies of notices sent pursuant to this Section. As soon as administratively feasible after receiving a domestic relations order, the Employer may refuse to honor any loan, withdrawal, or distribution requests affecting the Participant's Accounts. This refusal shall last until the order is determined to be a Qualified Domestic Relations Order (in which case the Accounts will be subject to the terms of the order) or the Alternate Payee(s) notify the Employer that the parties no longer intend to submit a Qualified Domestic Relations Order affecting the Participant's Accounts. This provision is intended solely to simplify the Plan's administration, and the Employer does not hereby assume any duty toward the Alternate Payee prior to the date the order is determined to be a Qualified Domestic Relations Order.

QDRO Procedure. As authorized by Section 2(F1(F) of this Article, the following procedures apply unless modified by the EmployerCompany. Within 90 days after receiving any domestic relations order purporting to affect a Participant's Accounts in this Plan, the Employer Company or its designee) shall determine whether the order is a Qualified Domestic Relations Order and notify the Participant and each Alternate Payee. If the Employer Company determines that the order does not constitute a Qualified Domestic Relations Order, then it shall explain why the order fails to be a Qualified Domestic Relations Order. If the above action is not accomplished within 30 days after receiving any domestic relations order, then the Employer Company shall first notify the same individuals that it received the order and that it will determine whether the order is a Qualified Domestic Relations Order within 90 days after the order was received. Each Alternate Payee may designate a representative for receipt of copies of notices sent pursuant to this Section. As soon as administratively feasible after receiving a domestic relations order, the Employer Company may refuse to honor any loan, withdrawal, or distribution requests affecting the Participant's Accounts. This refusal shall last until the order is determined to be a Qualified Domestic Relations Order (in which case the Accounts will be subject to the terms of the order) or the Alternate Payee(s) notify the Employer Company that the parties no longer intend to submit a Qualified Domestic Relations Order affecting the Participant's Accounts. This provision is intended solely to simplify the Plan's administration, and the Employer Company does not hereby assume any duty toward the Alternate Payee prior to the date the order is determined to be a Qualified Domestic Relations Order.