Title
K. Amendment to Agreement with Nationwide (Resolution)
Resolution amending the Village's 457 Plan Agreement with Nationwide to allow Qualified Domestic Relations Orders to be executed.

Body
WHEREAS, EMPLOYER executed the above referenced Plan Document, as amended: and

WHEREAS, effective _____________, EMPLOYER now desires to further amend the plan document.

1. The following Article XIII is hereby added:

ARTICLE XIII

13.01 When the PLAN received a judgement, decree or order entered or enforceable pursuant to local domestic relations marital property law ("domestic relations order"), and relating to the property rights of a PARTICIPANT's present or former spouse, child or other dependent ("ALTERNATE PAYEE"), then:

(a) The ADMINISTRATOR shall promptly notify the PARTICIPANT and ALTERNATE PAYEE of the receipt of such order, and

(b) The EMPLOYER, within a reasonable time, shall determine the validity of the domestic relations order as set forth in this Article. Once a determination as to the validity of the domestic relations order is made, the ADMINISTRATOR shall notify the PARTICIPANT and ALTERNATE PAYEE of such determination.

13.02 A valid domestic relations order must be a judgement, decree, order, or approval of marital property settlement relating to: (1) the property rights of the ALTERNATE PAYEE; and (2) is an order made pursuant to state domestic relations law (including community property law), which relates to the property rights of the ALTERNATE PAYEE. In addition, the domestic relations order must:

(a) Create or recognize the existence of, or assign to an ALTERNATE PAYEE a claim for a portion of any benefits that actually become payable to a PARTICIPANT under the PLAN.

(b) Clearly specify the following information:

(i) The name, social security number, and last known mailing address of the PARTICIPANT and ALTERNATE PAYEE covered by the domestic relations order;
(ii) The amount or percentage, or the manner t...

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