09/19/2017 (2) - Laserfiche WebLink

Home Browse Search

Nationwide Retirement Solutions 0 Nationwide® Governmental 457(b) Plan Loan Procedures Page 5 of 6 Addendum A - Plan Election Worksheet The following provisions identify Plan elections which are incorporated and made a part of the attached "Plan Loan Procedures." In the event that an election is not made within any section, Nationwide Retirement Solutions ("NRS") will administer the loan program according to current NRS policies as listed under each provision below. The current NRS policies may be changed by NRS at any time. Unless otherwise specified, only one election is allowed per provision. The elections contained herein apply solely to the Plan. Any provisions, including limitations, do not extend to any other plans offered by the Sponsor. 1. Loan Eligibility: Plan elects to allow the following Participants the ability to initiate a loan under the Plan. The Plan Sponsor is solely responsible for informing NRS of any future changes in the Participant's employment status (check all that apply). ❑✓ Employed ❑✓ Approved Non-military Leave of Absence (only available for ACH) ❑✓ Military Leave of Absence (only available for ACH) R1 Disabled (only available for ACH) R1 Retired (only available for ACH) ❑✓ Terminated (only available for ACH) Current NRS Policy: All listed Participant employment statuses are eligible to initiate a loan if ACH is the elected repayment method (See Provision 4). If the repayment method elected is Payroll Deduction (See Provision 4), the only eligible Participant employment status is Employed. 2. General Purpose Loan Terms: 2(a). Minimum Loan Term Plan elects the following minimum loan term: ❑✓ One year ❑Other - Specify minimum loan term: (not to be less than six months) Current NRS Policy: The minimum loan term is one year. 2(b). Maximum Loan Term Plan elects the following maximum loan term: ❑✓ Five years ❑Other - Specify maximum loan term: (not to exceed a term of five years) Current NRS Policy: The maximum loan term is five years. 3. Minimum Loan Amount: Plan elects to have a minimum loan amount of: ❑✓ $1,000 ❑Other - Specify minimum loan amount: $ (not to be less than $500) Current NRS Policy: The minimum loan amount is $1,000. 4. Repayment Method: Plan elects to provide Participants with one of the following loan repayment methods: ❑✓ Monthly Automated Clearing House ("ACH') F1 Payroll Deduction (Plan Sponsor will be required to provide a payroll calendar. (This repayment method is limited to Employed status - see Provision 1) Current NRS Policy: Monthly ACH is the repayment method. P5 4 NRN-0854AO.3 (07/20155)