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Item 19 - Agreement with Empower Annuity Insurance Company for the Employee Deferred Compensation Plan
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09/19/2023 Regular
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Item 19 - Agreement with Empower Annuity Insurance Company for the Employee Deferred Compensation Plan
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10/24/2023 11:43:40 AM
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10/24/2023 11:35:25 AM
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City Clerk
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Agenda Packet
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Finance & Management Services
Item #
19
Date
9/19/2023
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57 <br />or, if later, at the earliest date permitted under the Plan or in Code Section 414(p). The Alternate Payee <br />may elect to receive a distribution from the Alternate Payee’s account in any form available to participants and <br />alternate payees generally under the Plan’s provisions other than, if applicable, a joint and survivor annuity with <br />respect to the Alternate Payee and a subsequent spouse. The Alternate Payee shall provide the Plan with any <br />information and forms required to facilitate payment of the Alternate Payee’s account. <br />10. Participant’s Death: The Participant’s death shall have no impact on the Alternate Payee’s right to the <br />Plan benefits assigned in this Order. <br />11. Alternate Payee’s Death: If the Alternate Payee dies prior to complete distribution of the Alternate <br />Payee’s Plan benefits, the Alternate Payee’s remaining Plan benefits shall be distributed to the Alternate <br />Payee’s designated beneficiary(ies) or, in the absence of such designation, pursuant to the Plan’s default <br />beneficiary provisions. <br />12. Impermissible Benefits: Nothing contained in this Order shall be construed to require the Plan (a) to <br />provide any type or form of benefit, or any option, not otherwise provided under the Plan, (b) to provide <br />increased benefits determined on the basis of actuarial value, or (c) to pay benefits to the Alternate Payee that <br />are required to be paid to another alternate payee under another order previously determined to be a QDRO. <br />13. QDRO Determination and Notice: The Participant, Alternate Payee, and/or their representatives shall <br />promptly deliver a copy of this Order to the Plan. As provided in ERISA Section 206(d) and in Code Section <br />414(p), the Plan shall determine whether the Order is a QDRO and shall provide written notice of such <br />determination to the Participant, Alternate Payee, and, if applicable, their representatives. <br />14. QDRO Administration and Interpretation: Because this Order is intended to be a QDRO, the Order <br />shall be administered and interpreted consistently with ERISA, the Code, and the Plan’s terms and procedures. <br />15. Court’s Jurisdiction: The Court shall retain jurisdiction over this Order, including to amend the Order if <br />necessary to conform it to the original intent of the parties and/or to establish or maintain its status as a QDRO. <br />16. Overpayments: If the Participant receives Plan benefits that are assigned to the Alternate Payee in this <br />Order, or if the Alternate Payee receives Plan benefits that are not assigned to the Alternate Payee in this <br />Order, then the relevant party shall promptly return such overpayment to the Plan. <br />17. Participant’s Actions: The Participant shall not take any action, or refrain from taking any reasonable <br />action, that can circumvent the intent of this Order, or that can diminish the Alternate Payee’s rights provided <br />in this Order. <br />18. Delivery of Order: Upon entry of this DRO, any of the parties shall immediately deliver a copy of this <br />DRO to QDRO Consultants. The parties should securely submit a DRO at https://qdros.com/submit. <br />IT IS HEREBY ORDERED: <br />Executed on: ________________________
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