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2013-052
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Last modified
10/29/2015 12:22:04 PM
Creation date
10/1/2015 5:11:36 AM
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Template:
Official Documents
Official Document Type
Agreement
Approved Date
03/12/2013
Control Number
2013-052
Agenda Item Number
8.G
Entity Name
Nationwide Retirement Solutions
Subject
Nationwide Retirement 457 Loan Program
Supplemental fields
SmeadsoftID
11796
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6 . Loan Frequency/Renegotiations . Each participant may have only one ( 1 ) Plan loan outstanding at <br /> any given time. A Plan loan which is in default, even if the defaulted loan was treated as a "deemed <br /> distribution" under federal regulations, shall be treated as an outstanding loan until such participant's <br /> account balance is offset by the amount of principal and accrued interest under the loan . NRS shall offset <br /> a defaulted loan at any time that is administratively practicable , including but not limited to severance <br /> from employment by the Participant or upon a request for a distribution from the Plan . A participant will be <br /> granted a loan no more frequently than two (2) times in any twelve ( 12) month period . A new loan shall <br /> not be granted prior to the repayment of an outstanding loan . <br /> 7 . Default. The participant must pay the full amount of each payment (principal and interest) on the date <br /> that it is due by having sufficient funds in the account designated for loan payments through the ACH <br /> process. If NRS is unable to process a payment on the date due because the participant fails to have <br /> sufficient funds in the account on that date , NRS will assess a fee of $25 . 00 that will be deducted from <br /> participant's account(s) and will send written notification to the participant. The participant shall be in <br /> default for the entire amount of the loan UNLESS the participant does each of the following : 1 ) contacts <br /> NRS , 2) mutually agrees with NRS on a date, which is within 30 days of the missed payment on which <br /> funds sufficient to cover the missed payment will be in the account and ; 3) actually pays the missed <br /> payment. Failure to make such a payment through mutually agreeable terms shall cause the participant to <br /> be in default for the entire amount of the loan . The loan also shall be defaulted upon the death of the <br /> participant or if the participant commences or has commenced against participant a bankruptcy case. No <br /> additional loans shall be made to a participant who has defaulted on a Plan loan and who has not repaid <br /> all defaulted loans in full , including accrued interest and fees . <br /> 8. Loan Prepayment. The entire amount of a loan , including outstanding principal and any accrued <br /> interest, may be paid without penalty prior to the end of the term of the loan in the manner prescribed by <br /> NRS . However, payments made that are less than the remaining principal amount of the loan and any <br /> accrued interest with respect to the loan , or which are not paid in the form prescribed by NRS , are not <br /> permitted . <br /> 9 . Loan Security. By accepting a loan , the participant is giving a security interest to the Plan in his or her <br /> vested Plan balance as of the date of the loan process date , together with all additions thereof, to the <br /> Plan that shall at all times be equal to 100% of the unpaid principal balance of the loan together with <br /> accrued interest. <br /> 10 . Maximum/Minimum Loan Amount. The maximum amount of any loan permitted under the Plan is <br /> the lesser of (i) 50% of the Participant's vested account balance (not including any value attributable to <br /> applicable life insurance or deemed IRA account) less any outstanding loan balances under the Plan or <br /> (ii) $50 , 000 less the highest outstanding loan balance during the preceding one-year period . The <br /> minimum loan amount permitted is $ 1 , 000. 00*. Loans shall be made in accordance with these limits and <br /> those limits imposed under federal regulations without regard to any other loans received by the <br /> participant from any other investment provider under the Plan or any other plan of the employer. The <br /> participant and not NRS shall at all times remain responsible for ensuring that any loan received under <br /> the Plan is in accordance with regard to any other loans received by the participant under any other plans <br /> of the participant's employer. Any tax reporting required as a result of the receipt by a participant of a loan <br /> that exceeds the limits imposed by federal regulations shall not be the responsibility of NRS , unless it is <br /> determined that such limits were exceeded solely as a result of a loan made through NRS as service <br /> provider. Consequently, NRS shall not be required to account for loans made pursuant to a plan other <br /> than this Plan or loans made under this Plan that are made by another provider. <br /> 11 . Suspension of Loan Payments . NRS may suspend4a participant's obligation to repay any loan <br /> under the Plan during the period in which the participant is performing service in the uniformed services <br /> as may be required by law. At the expiration of any suspension of loan payments period , the outstanding <br /> loan balance, including any accrued interest and fees, will be re-amortized and the participant will be <br /> required to execute an amended Loan Agreement. <br /> " These fees, rates, and minimums are subject to change by NRS upon reasonable notice to the Plan Sponsor. Loan <br /> fees will appear as administrative charges on Participant Statements. NRN-0445AOA 011 <br /> i - <br />
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