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2017-106A
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2017-106A
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Last modified
8/30/2017 11:35:04 AM
Creation date
8/23/2017 10:02:23 AM
Metadata
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Template:
Official Documents
Official Document Type
Agreement
Approved Date
08/15/2017
Control Number
2017-106A
Agenda Item Number
8.J.
Entity Name
Nationwide Retirement Solutions
Subject
Deferred Compensation Plan
Plan Sponsor
Area
Administrative Services for Deferred Compensation
Alternate Name
457B
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1) Nationwide shall make all distributions as directed by a Plan participant or the Plan <br />Sponsor, in accordance with the plan document. All distributions will be made pro -rata <br />from each of the participant's investment options and money sources unless directed <br />otherwise by the participant. Participants are responsible for selecting a form of <br />payment from those available under the terms of the Plan and making all other elections <br />regarding available distribution options, such as rollover elections. <br />2) Nationwide shall furnish each participant, who has received a benefit payment, tax <br />reporting forms in the manner and time prescribed by federal and state law. Plan <br />Sponsor shall be responsible for all tax reporting requirements for periods prior to the <br />effective date of this Agreement, or after the termination date of this Agreement, unless <br />otherwise agreed to in writing by the parties to this Agreement. <br />3) To the extent required by federal and state law, Nationwide will calculate and withhold <br />from each benefit payment federal and state income taxes. Nationwide will report such <br />withholding to the federal and state governments as required by applicable law. Plan <br />Sponsor shall be responsible for all tax reporting requirements for periods prior to the <br />effective date of this Agreement, or after the termination date of this Agreement, unless <br />otherwise agreed to in writing by the parties to this Agreement. <br />4) Nationwide will provide notice and a distribution form to each participant attaining age <br />701/2 or older in the current calendar year. The notice will inform the participant that <br />required minimum distributions must begin no later than the April 1 of the calendar <br />year following the later of attainment of age 701/2 or retirement. All required minimum <br />distributions will be made in accordance with the plan document. <br />5) Nationwide shall administer participant and beneficiary unclaimed property funds, <br />including but not limited to uncashed distribution checks and death claims, in <br />accordance with Nationwide' s standard unclaimed property procedures. <br />F. QUALIFIED DOMESTIC RELATIONS ORDERS (QDROS) <br />If the Plan accepts Qualified Domestic Relations Orders (hereinafter "QDROs"), the Plan <br />Sponsor directs Nationwide to process QDROs in accordance with Nationwide's standard <br />QDRO procedures, and the Plan Sponsor hereby approves the use of such standard QDRO <br />procedures. <br />G. UNFORESEEABLE EMERGENCY WITHDRAWALS <br />If the Plan offers unforeseeable emergency withdrawals, the Plan Sponsor instructs <br />Nationwide to process all unforeseeable emergency withdrawal requests received in good <br />order, and in a manner satisfactory to Nationwide. Withdrawals will only be permitted due <br />to an unforeseeable emergency resulting in a severe fmancial hardship to the participant or <br />beneficiary that cannot be alleviated by any other means available to the participant, in <br />accordance with Nationwide's standard unforeseeable emergency procedures. Plan Sponsor <br />hereby approves the use of such standard unforeseeable emergency procedures to make these <br />determinations. <br />7. PARTICIPANT SERVICES <br />A. WEBSITE <br />-8- <br />
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