HomeMy WebLinkAboutRES 1993-04 - Board .. ......... ........ .... .. . ............. . .............. .........
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RESOLUTION NO 93.o4 . .. .......
O F T H E
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NNE..... .f2 PUBL U.......TL........TY DL.........TRCT
DESIGNATING NATIONWIDE...... ....... ....... . . .... .... . ...
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LIFE INSURANCE C+DMPAN;Y AS
P�4�(OR:O� EMPLOYEE PENSION PLAN .QIS:TRIBU:TIONS .
WHEREAS, the Truckee Donner Public Utility District has diversified a portion of its
employee pension investments with Nationwide Insurance Company; and
WHEREAS, President Bush signed the Unemployment Benefits Act which included
provisions impacting qualified retirement plan distributions, roll-overs, withholdings and
transfer rules; and
WHEREAS, the Nationwide Pension Services Department of Nationwide Insurance
Company has requested that the District decide that either the District or Nationwide
act as "payor" of plan distributions; and
WHEREAS, the "payor" is responsible for issuing a benefit check or wire payable to
the plan participant, directly to an IRA for the benefit of the plan participant, or to
another qualified employer plan for the benefit of the plan participant. Further, the
"payor" is responsible for providing tax reporting information to all participants who
have received benefit payments)during a calendar year and withholding and remitting
to the federal government all withholding amounts; and
WHEREAS, the District wishes to designate Nationwide Life Insurance Company as
"pa yor"of plan distributions and, as "payor" they agree to perform the services listed
on the attached designation form;
NOW, THEREFORE, BE IT RESOL VED by the Board of Directors of the Truckee Donner
Public Utility District that Nationwide Life Insurance Company is hereby designated
"payor"ofpension plan distributions held by them and authorizes the General Manager
to execute such plan designation form as the Plan Administrator.
PASSED AND ADOPTED by the Board of Directors at a meeting duly called and held
within the District on the 18th day of January 1993 by the following roll call vote:
A YES: Corbett, Jones, Maass, Sutton and Aguera.
NOES: None.
ABSENT: None.
„,... TRUCKEE DONNER PUBLIC UTILITY DISTRICT
By
J se h' . Aguera, Psident
A TTEST-
Susan M. Craig, Deputy Distdct Clerk
smc
NATIONWIDE LIFE INSURANCE COMPANY
PAYOR DESIGNATION FORM
Please check Box A or B, and sign and date this form.
(Xj A. As Plan Administrator, i hereby direct Nationwide Life Insurance Company
to process participant distributions as prescribed by the Unemployment
Compensation Amendments. Provisions of the Act will be followed for
qualified plan rollovers, transfers, and withholding. I agree to provide
Nationwide with the necessary information.
[ ] B. As Plan Administrator, I do not direct Nationwide Life Insurance Company
to process participant distributions. I will take responsibility for:
1. Initiating benefit payments,
2. provide tax reporting forms to participants, and
3. remit withholding to the IRS.
Truckee-Donner Public Utility District
Name of Plan: Defined Benefit Pension - Plan - Case No. 001
Dated:
1/18/93 By:
Plan Administrator