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HomeMy WebLinkAboutGrant Related - BOCC (003)Nationwide Retirement Solutions t) Nationwide Plan Sponsor Election of CARES Act Provisions Page 1 of 1 Phone: 877-496-1630 • nrsplan@ nationwide.com This form is to be used to elect Plan provisions made available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. 1. Plan Information //'}} Plan Number: OC7� �7 �q —001 Plan Name: 00'J �j :E:j JCQ ✓GA a4 2. Election of Provisions (select all that apply) coronavirus-Related Distributions A coronavirus-related distribution is available to participants who have been impacted by COVID-19 and otherwise may not be eligible for a distribution under the terms of the Plan. • Participants may take up to $100,000.00 across all Plans controlled by this employer between January 1, 2020 and December 31, 2020 • Distributions per participant may not exceed 100% of their total vested balance(s) Participants must self -certify they meet at least one of the following qualifications: • They have been diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and Prevention • They have a spouse or dependents diagnosed with such virus or disease by such a test • They have experienced adverse financial consequences stemming from such virus or disease as a result of: being quarantined, furloughed, laid off, reduced work hours, unable to work due to lack of child care, closing or reduction of hours of a business owned or operated by the individual 10% early withdrawal tax may be waived Ordinary income tax may be paid in equal installments over a three-year period, beginning in tax year 2020 Participants may repay distributions, exclusive of contribution limits, within the three-year period ❑ Enhanced Loans - If this Plan doesn't currently permit loans, you will need to contact Nationwide for assistance setting up a loan program for your Plan. For a 180 -day period beginning March 27, 2020 and ending September 23, 2020, the Plan may offer loans to participants who are impacted by COVID-19. The terms of the loan differ from traditional loans: • Increases current retirement Plan loan limits to the lesser of $100,000 or 100% of the participant's vested account balance. • Participants have the option to suspend loan repayments until at least January 1, 2021. Loan interest will continue to accrue during the suspension of payments. • Participants must self -certify they meet at least one of the following qualifications: • They have been diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and Prevention • They have a spouse or dependents diagnosed with such virus or disease by such a test • They have experienced adverse financial consequences stemming from such virus or disease as a result of: being quarantined, furloughed, laid off, reduced work hours, unable to work due to lack of child care, closing or reduction of hours of a business owned or operated by the individual 3. Authorization 1, as the Plan Sponsor or an authorized person acting on behalf of the Plan Sponsor for the above named Plan, elect the CARES Act provision(s) indicated above. I understand that Nationwide will waive the payment of non-systematic RMDs due in 2020 per the CARES Act unless a participant contacts Nationwide and requests to receive their RMD. • If the Plan would like a different arrangement for RMD distributions, please contact your Nationwide representative. Nationwide will update your Plan documents (if applicable) to reflect the above changes. Authorizec Printed Na Signature: Nationwide and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. ©2020 Nationwide NRF-0743AO.1 (04/2020)