Laserfiche WebLink
53 <br />The requirements to remove a benefit hold may be different depending on the reason the hold was <br />placed. Each paragraph in this subsection lists, in bold type, a document that can cause a hold to <br />be placed, followed by the method(s) to remove a hold placed pursuant to that document. <br />6.2.1. Draft DRO / Letter of Adverse Interest: If a benefit hold was placed due to receiving a <br />draft DRO, or a letter of adverse interest or similar written notice, QC will direct the Plan’s <br />recordkeeper to remove the hold upon receiving any of the following: <br />Executed DRO (at which time an Executed DRO benefit hold will commence); <br />Subsequent court order to remove the hold, or that clearly indicates the Alternate <br />Payee has no interest in the Participant’s Plan benefit; <br />Plan Administrator’s written direction to remove the hold; or <br />Notarized letter from the Alternate Payee, or letter from his/her attorney, that requests <br />the removal of the hold, and that names the Plan and the Participant. <br />6.2.2. Executed DRO: If a benefit hold was placed due to receiving an Executed DRO, QC will <br />direct the Plan’s recordkeeper to remove the hold (1) if it approves the DRO, or (2) upon <br />receiving any of the following: <br />Subsequent Executed DRO that vacates or revises the prior Executed DRO (at which <br />time a new Executed DRO benefit hold will commence); <br />Subsequent court order that terminates the Alternate Payee’s right to the Participant’s <br />Plan benefit, including an order to vacate the Executed DRO; or <br />Plan Administrator’s written direction to remove the hold. <br />6.2.3. Other Court Order / Joinder: If a benefit hold was placed due to receiving a court order, <br />other than a DRO, or a joinder or other similar court document, QC will direct the Plan’s <br />recordkeeper to remove the hold upon receiving any of the following: <br />Executed DRO (at which time an Executed DRO benefit hold will commence); <br />Subsequent court order to remove the hold, that vacates the court order or joinder that <br />caused the hold, or that clearly indicates the Alternat e Payee has no interest in the <br />Participant’s Plan benefit; or <br />Plan Administrator’s written direction to remove the hold. <br />6.2.4. Plan Administrator’s Written Direction: If a benefit hold was placed due to receiving the <br />Plan Administrator’s written direction, QC will direct the Plan’s recordkeeper to remove the <br />hold only upon receiving the Plan Administrator’s subsequent written direction to remove the <br />hold. <br />7. EFFECT OF REMOVING HOLD / SUBSEQUENT DRO <br />Approved DRO Before Hold Removal: If QC approves an Executed DRO before a benefit hold is <br />removed, the Alternate Payee will receive payments from the Plan pursuant to the QDRO.