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25M - AGMT - 3RD AMNDMNT GREAT-WEST FINANCIAL
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25M - AGMT - 3RD AMNDMNT GREAT-WEST FINANCIAL
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9/14/2017 5:53:05 PM
Creation date
9/15/2017 1:05:05 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
25M
Date
9/19/2017
Destruction Year
2022
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b. SSN: <br />e. Address: <br />d. Date of Birth: <br />The Alternate Payee is the Participant's former spouse. The Alternate Payee shall have the duty to notify the Plan <br />Administrator and/or Recordkeeper of any changes in nailing address subsequent to the entry of this Order. <br />4. Plan Name. The name of the Plan to which this Order applies is the City of Santa Ana 457 Deferred Compensation. <br />Plan. (hereafter referred to as "Plan"). Any changes in the Plan Administrator, Plan Sponsor, or name of the Plan <br />shall not.affect Alternate Payee's rights as stipulated under this Order. <br />5. Effect of this Order as a Qualified Domestic Relations Order: This Order creates and recognizes the existence <br />of an Alternate Payee's right to receive a portion of the Participant's benefits payable under an employer-sponsored <br />defined contribution plan that is qualified under Section 457 of the Internal Revenue Code (the "Code"). It is <br />intended to constitute a Qualified Domestic Relations Order ("QDRO") under Section 414(p) of the Code. <br />6. Pursuant to State Domestic Relations Law: This Order is entered pursuant to the authority granted in the <br />applicable domestic relations laws of <br />.. 7. Provisions of Marital Property Rights:, -This Order relates to the provision of marital property rights as a result of <br />the Order of Divorce between the Participant and the Alternate Payee. <br />8. Amount of Alternate Payee's Benefit: ThistOrder assigns to the Alternate Payee an amount equal to [choose either <br />option 8Al or 8A2 below]: <br />8AI S of the Participant's Total Account Balance under the Plan as of the date this Order is processed. <br />OR <br />8A2 $ (dollars and cents) or _% (percent)] of the Participant's Total Account Balance accumulated <br />under the Plan as of I (or the closest valuation date thereto). The Alternate Payee's <br />benefit herein awarded shall be credited With any investment income (or losses) attributable thereon from the <br />aforesaid valuation date (or the closest valuation date thereto), until the date of transfer of the Alternate Payee's <br />share to the Alternate Payee. <br />(Note to drafting attorney: The Plan's current recordkeeper is not able to determine the value of the Participant's <br />account balance and any investment earnings and/or losses prior to The parties will need to <br />arrive at a dollar figure or percentage of benefits payable to the Alternate Payee as of a date that is no earlier than <br />The Plan's current recordkeeper can determine the account value and calculate any earnings <br />and/or losses from through the date assets are transferred or distributed to the Alternate Payee. <br />Keep in mind that if you must adjust the valuation date forward and a percentage is awarded to the Alternate Payee <br />in this section, you should consider whether to adjust the Alternate Payee's awarded percentage to account for any <br />additional contributions (and any gains/losses accruing thereon) made by or for the Participant to the account after <br />the originally intended valuation date.) <br />Such Total Account Balance shall be determined after the account is reduced by the outstanding balance of the <br />Participant's account reduction loan(s), if any, as of the valuation date specified above, such that the Account <br />Balance shall not include the outstanding balance of any account reduction loan(s) as of the valuation date. The <br />obligation to repay any Participant Plan loan(s) from and after the date of this Order remains solely with the <br />Participant. Such Total Account Balance shall include all amounts maintained under all of the various accounts <br />and/or sub -accounts established on behalf of the Participant, including rollover and transfer contributions. <br />The Alternate Payee's portion of the benefits described above shall be allocated on a pro rata basis first from all of <br />the core accounts and/or core investment options maintained under the Plan on behalf of the Participant other than <br />life insurance or Self -Directed Brokerage ("SDB"), if any. The Plan shall redeem amounts from a life insurance <br />contract, if any. issued for the Participant under the Plan only to the extent necessary to obtain the amount that this <br />order awards to the Alternate Payee. If there are any SDB investments, and if the balance in the core investments is <br />insufficient to satisfy the judgment, Participant must initiate a transfer of the amount needed to satisfy the judgment <br />From the SDB into the core investments. If participant fails to initiate such a transfer, or if the transfer is <br />City of Santa Ana Service Agreement Amend No 3 <br />25M-9 <br />
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