QDRO Instruction Booklet (PDF) - IAM National Pension Fund

enefit allocation formula in the QDRO as discussed above. Once this individual account is established,the Alternate Payee will have the right to direct investment of it from among the options provided by thePlan.In addition to the right to direct investment of the individual account, the Alternate Payee willhave other rights in regards to that account, just as Participants do. These rights include the following:• The right to take a hardship withdrawal in accordance with the Plan of Benefits;• The right to designate a beneficiary to receive any benefits payable upon the AlternatePayee’s death.However, unless the Alternate Payee is herself working in employment covered by the Plan, theAlternate Payee will not have the right to make contributions to the Plan, to apply for a loan from the Planor to roll over contributions into the Plan from another plan or individual retirement account.COMMENCEMENT OF BENEFITS TO ALTERNATE PAYEEAn Alternate Payee can elect to receive benefits from the Plan on the earlier of the date theParticipant reaches age 50 or the date the Participant becomes eligible for a benefit from the Plan. TheAlternate Payee must complete the Plan’s application process to begin receiving benefits. The AlternatePayee must receive benefits no later than the April 1 following the calendar year in which the AlternatePayee reaches age 70½.The Alternate Payee should note that it is not the Plan’s responsibility to notify her when theParticipant becomes eligible for benefits, so that she can apply for her benefit. However, upon writtenrequest from the Alternate Payee, the Plan will inform her about whether a Participant is eligible forbenefits from the Plan at the time of the inquiry.FORM OF BENEFTS FOR ALTERNATE PAYEEThe Alternate Payee will receive her benefit as a single lump sum. The amount of that benefit willbe the value of the Alternate Payee’s individual account at the time of distribution. However, if the6