Understanding Employee Stock Ownership Plans (ESOP)

General Questions to be Answered:

1. Name, address and phone number of the person requesting the order.
2. Name of the county in which the divorce is taking place.
3. Name of the court that has jurisdiction over the divorce.
4. Name of judicial district/circuit/division, if applicable.
5. Case reference number.
6. Name, address, date of birth and Social Security number of the employee (participant/member of the plan).
7. Name, address, date of birth and Social Security number of the employee’s spouse (alternate payee/former spouse).
8. Reason for order (marital property rights or alimony).
9. Date of marriage.
10. Date the marriage ended.
11. Date of divorce, if divorced.
12. Date the employee began participating in the plan, if prior to the date of marriage.
13. Is the employee still employed, terminated or retired?
14. The exact name of the pension plan.

Additional Questions to be Answered:

(Explanations are included with these questions)
1. What percent of Participant’s Total Account Balance will be assigned to the Alternate Payee?
2. This percentage shall be applied to Participant’s Total Account Balance as of what date or between what dates?
3. If the Plan Administrator charges a one time determination fee for review of the QDRO, who should be responsible for paying the fee?
4. If the Participant has an outstanding loan balance as of the " Date of Assignment" (Cut of Date), should the Alternate payee’s assigned share of the benefits be calculated before or after the loan amount is subtracted from the Participant’s Total Account Balance?

Additional Provisions that will be included in the Order:

1. Alternate Payee’s Share Determined from All ESOP Trust Fund Account(s)
2. If Plan Borrows Money to Purchase Stock
3. Post Assignment Date Contributions Attributable to Periods before the Assignment Date
4. . Investment Earnings
5. Allocation of Benefits
6. Impact of Outstanding Loan Balance
7. Participant Prohibited from Transferring Funds to Another Defined Contribution Plan
8. Establishment of New Accounts
9. Commencement Date and Form of Payment to Alternate Payee
10. Alternate Payee’s Rights and Privileges
11. Death of Alternate Payee
12. Death of Participant
13. Savings Clause
14. Certification of Necessary Information
15. Continued Qualified Status of Order
16. Tax Treatment of Distributions Made Under The Order
17. Inadvertent Payments:
18. . Constructive Receipt
19. Effect of Plan Termination
20. Continued Jurisdiction
21. Actions by Participant