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5.
Data.
Company shall provide the Administrator with information regarding loans,
hardship and unforeseeable emergency withdrawals, distributions due to severance from
employment and other partial distributions or other transactions as requested by the
Employer/plan sponsor, unless such data is being provided by another party to Administrator on
behalf of Company pursuant to an agreement between Company and such other party.
6.
Distribution Eligibility Certificate Procedures.
Upon written notification from
Administrator, the procedures in this Section 6 shall apply. The Distribution Eligibility
Certificate (“Certificate”), a sample copy of which is attached to this Agreement, will be
completed by the participant on Retirement Manager related software or computing systems, and
the participant will provide the Certificate to Company. Company may also access the Certificate
on Retirement Manager related software or computing systems by using Company’s login as
provided by the Administrator. The Employer shall direct Company to utilize information
provided on the Certificate in determining a participant’s eligibility for the following plan
transactions:
__ Hardship Withdrawal Distributions
__ _ Unforeseeable Emergency Distributions
__ _ Loans
__ _ Separation from Service Distributions
__ _ In-Service Exchanges (between approved investment providers)
___ Age 59 ½ In-Service Distributions
a. Company will require a valid Distribution Eligibility Certificate prior to approving a loan
or distribution. A Certificate is valid if it (a) has not expired based on the expiration date
printed on the Certificate; (b) has not been previously submitted to Company and used for
any transaction, whether or not it was used for less than the entire eligible amount
indicated on the Certificate; (c) is generated specifically for Company and for the plan
and participant for which the transaction is being processed; and (d) fulfills the necessary
signature requirements as provided to Company during the activation notification
process. Employer may determine whether it will review and sign the Certificates.
b. Company should not approve a loan in excess of 50% of the account balance at
Company, except if the Plan provides for a loan of $10,000 or less in the case of a Plan
not subject to the Employee Retirement Income Security Act of 1974, as amended.
Company shall ensure that it has knowledge of and applies the applicable loan limit for
Employer’s Plan.
c. Except as otherwise provided in this paragraph, Company shall be responsible for
obtaining and maintaining supporting qualification documentation for a safe harbor
hardship withdrawal distribution, unforeseeable emergency distribution or loan for a
principal residence, including but not limited to invoices, bills or other documentation for
the requested safe harbor hardship withdrawal or unforeseeable emergency distribution or
principal residence loan. In the event of a non-safe harbor (other) hardship withdrawal
distribution or when the Employer’s signature is required for a safe harbor hardship
withdrawal or unforeseeable emergency distribution, Employer shall be responsible for
obtaining and maintaining supporting qualification documentation, including but not
limited to invoices, bills or other documentation of the reason for such requested hardship
withdrawal or unforeseeable emergency distribution.
d. Because a Distribution Eligibility Certificate will be based upon information provided to
the Administrator by Employer, one or more providers including Company, and/or a
participant, and because a Company investment product may have restrictions in addition
to applicable Plan restrictions, nothing in such a Certificate should be interpreted or
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