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HomeMy WebLinkAbout92-1795 q~- IryQ5 Emily ~. Bcd( vs meod ore E. Bocl:: All Filings before June Iq I ().OO~ Have not been scanned! . SAlOIS, FlOWER & UNDSAY JUI~.lAW" 26 West High Street Carlisle, PA II ~ EMILY K. BOCK, Plaintiff ~I I JUN 1 4. iU06 ! IN THE COURT g;;COMi,.lNPLEAS t CUMBERLAND COUNTY, PENNSYLVANIA CIVIL ACTION - LAW NO. 92-1795 CIVil TERM v. THEODORE E. BOCK, Defendant IN DIVORCE AMENDED QUALIFIED DOMESTIC RELATIONS ORDER (Defined Contribution Plan) This order creates and recognizes the existence of an alternate payee's right to receive a oortion of the participant's benefits oayable under an employer-sponsored defined contribution plan, which is qualified under Section 401 of the Internal Revenue Code (the "Code"). This order is intended to constitute a Qualified Domestic Relations Order ("QDRO") under Section 414(p) of the Code and Section 206(d) of the Employee Retirement Income Security Act of 1974 ("ERISA") and shall be interpreted and administered in conformity with such laws. This order is entered pursuant to the authority granted under the applicable domestic relations laws of the Commonwealth of Pennsylvania. 1. PLAN This order applies to The IBM Savings Plan, also known as Taxpayer Deferred Savings Plan (TDSP), hereinafter "the Plan". Any successor to this Plan shall also be subject to the terms of the order. 2. PARTICIPANT The name, address, Social Security Number, and date of birth of the participant are as follows: Name. Address: Theodore E. Bock 1286 Holiday Lane West Brownsburg, Indiana. 46112 312-44-9337 September 16, 1943 Social. Security Number: Date of Birth: " , ~ SAIDIS, FlOWER & UNDSAY ~!JOIlNEY!loAT'lAW 26 West High Street Carlisle, PA ,- II 3. ALTERNATE PAYEE The person named as alternate payee meets the requirements of the definition of alternate payee as set forth in Section 4 below. The alternate payee's name, address, Social Security Number, date of birth, and relationship to the participant are as follows: Name: Address: Emily K. Swords, f/k/a Emily K. Bock 4776 Chosin Few Lane Cranfordville, IN 47933 312-46-2289 October 20, 1944 Former Spouse Social Security Number: Date of Birth: Relationship to Participant: THE ALTERNATE PAYEE SHALL BE RESPONSIBLE FOR NOTIFYING THE PLAN ADMINISTRATOR IN WRITING OF ANY CHANGES IN HIS OR HER MAILING ADDRESS SUBSEQUENT TO THE ENTRY OF THIS ORDER. 4. DEFINITIONS Alternate Payee: The alternate payee is any spouse, former spouse, child, or other dependent of a participant who is recognized by a domestic relations order as having a right to receive all or a portion of the benefits payable under the Plan with respect to the participant. Liquidation Date: The liquidation date is the date a portion of the participant's account i~ Hquidat~d to allow the payment to the alternate payee's account under this order. An assignment as of the liquidation date assigns a portion of the participant's current account. Plan Administrator: IBM Corporation (IBM) is the Plan Administrator for The IBM Savings Plan. Valuation Date: The valuation date is the date on which the participant's vested account balance will be valued in order to determine the 2 " SAIDIS, FlOWER & UNDSAY ~'lAW 26 West High Street Carlisle, PA I' alternate payee's designated portion in accordance with the terms of this order. Accounts are valued on a daily basis. If, however, the QDRO requires a historical division of the participant's account and a daily valuation is not available for such date, the participant's account will be divided as of the nearest valuation date immediately following the date specified in the order. Vested Account Balarrce: The participant's vssted account balance is the participant's benefit as if he or she terminated employment and received a distribution on the valuation date. 5. BENEFIT PAYABLE TO THE ALTERNATE PAYEE Option A - Straight Percentage The order assigns to the alternate payee an amount equal to fifty percent (50%) of the participant's vested account balance under the Plan (identified in Section ...~ 1) as of July 1, 1997. The participant's vested account balance will not be reduced by the value of outstanding loans before the alternate payee's portion of the benefit is determined. If the assigned amount is greater on the liquidation date than the net vested account balance after any outstanding loan balances and/or withdrawals have been deducted, the net vested account balance will be the assigned amount. From the valuation date to the liquidation date, the amount assigned to the alternate payee will include earnings and losses calculated under the Plan's methodology. 6. FORM OF PAYMENT The alternate payee shall receive the portion of the Plan benefits assigned to the alternate payee in a single lump-sum payment. Such amount shall be adjusted for 3 ... SAIDIS, FlOWER & UNDSAY ~IlJIlNEtSoM.lAW 26 West High Street Carlisle, PA 'I earnings and losses from the liquidation date to the date of distribution to the alternate payee. If the alternate payee's benefit is $5,000.00 or less, the alternate payee's benefit will be automatically paid out. 7. COMMENCEMENT The alternate payee shall be eligible to receive payment as soon as administratively reasonable following the determination that this order is a Qualified Domestic Relations Order. In no event can the alternate payee commence his or her benefit later than AprU 1 following the year if) which the participant attains age 70'Yz. 8. DEATH PROCEDURES If the participant predeceases the alternate payee prior to payment of the alternate payee's assigned benefits under the Plan, the alternate payee's benefits will not be affected. In the event of the participant's death, the account balance, which remains the property of the participant, will be payable to the participant's designated'11 beneficiary or in accordance with Plan provisions. This order does not require the .* participant to name the alternate payee as the beneficiary for the benefits not assigned to the alternate payee. In case of the death of the alternate payee prior to distribution of the alternate payee's benefits from the Plan, the assigned benefits will be paid to the alternate . payee's ciesignated beneficiary 01, if none, in accordaf.\Ce with Plan provisions. 9. RETENTION OF JURISDICTION This matter arises from an action for divorce or legal separation in this court under the case number set forth at the beginning of this order. Accordingly, this court has jurisdiction to issue this order. In the event the Plan Administrator determines that this order is not a Qualified Domestic Relations Order, both parties shall cooperate with the Plan Administrator in making any changes needed for it to become qualified. This includes signing all 4 , . . \. SAIDIS, FlOWER & UNDSAY AI lUllNl!l'S-AT.lAW 26 West High Street Carlisle, PA " necessary documents. For this purpose, this court expressly reserves jurisdiction over the dissolution proceeding involving the participant, the alternate payee, and the participant's interest in the Plan. 10. LIMITATIONS Pursuant to Section 414(p )(3) of the Code and except as provided by Section 414(p)(4), this order: (i) Does not require the Plan to provide any type or form of benefit, or any option, not otberwise provided under the Plan; (ii) Does not require the Plan to provide increased benefits; and (iii) Does not require the payment of benefits to an alternate payee that is required to be paid to another alternate payee under another order previously determined to be a Qualified Domestic Relations Order. 11. TAXATION For purposes of Sections 402 and 72 of the Code, any alternate payee who is ''1 the spouse or former spouse of the participant shall be treated as the distributee of any j' :''\' distribution or payments made to the alternate payee under the terms of the order and, as such, will be required to pay the appropriate federal, state, and local income taxes on such distributions. 12 CONSTRUCT"'E TRUST If the Plan inadvertently pays to the participant any benefit that is assigned to the alternate payee pursuant to the terms of this order, the participant will immediately reimburse the Plan within ten (10) days of receipt. If the Plan inadvertently pays to the alternate payee any benefit that is actually payable to the participant, the alternate payee will immediately reimburse the Plan within ten (10) days of receipt. 5 .. " 'i 13. EFFECT OF PLAN TERMINATION 14. CERTIFICATION OF NECESSARY INFORMATION Plan's termination prOVisions for participants and beneficiaries her portion of the participant's benefits as Stipulated herein in aCCordance with the If the Pian is terminated, the a~emate payee sha~ be entitled to receive his or 6 All payments made pursuant to this Order shall be conditioned On the information as the Plan Administrator may reaSonably reqUire from such parties to certification by the a~emate payee and the participant to the Plan Administrator of sUch make the necessary calculation of the benefit amounts COntained therein. Dated this a day~, 20~. By the Court'-- CONCURRENCE: ~Lt~ PriJ- Theodore E. Bock Participant -&~.\JUM7.IJA _ Emily K. ords, f/k/a Emily K. Bock Alternate Payee [J)IS, VER& ~SAY ~.I&f {igh Street Ie, PA ~-jq--a(p C!~-iLa3 ~Iut \% .- C-.:.:; I! I ~ u:U:! t=: LL o "~r'" ~~ ...:r -. CO "':4;: en 17"" "