Sample " Letter of Understanding"
[Use the own Company's letterhead]
QDRO Consultants Co.
110 South Huntington St .
Medina, Ohio 44256
Page of Understanding Regarding the Review and Administration of Competent Domestic Relationships Orders (" QDROs" )
Dear Mister. Shulman:
We am very happy to inform you that Compass Mineral deposits Group want to retain the providers of QDRO Consultants Co. to review and administer the Qualified Home Relations Instructions that are published to this Firm on behalf of the retirement plan participants.
In return for the services performed by QDRO Consultants Co., as established below, Compass Minerals Group will pay to QDRO Consultants Co. a one-time cost of Three Hundred Dollars ($300. 00) per QDRO. Such amount should be due and payable following QDRO Consultants Co. provides initiated the QDRO management process. This billing level will not transform unless previous approval is usually received via an authorized associated with Compass Mineral deposits Group.
In your review and administration of every Qualified Home Relations Purchase, it is the understanding that you can perform the subsequent functions: 1 . Review the terms and provisions from the QDRO as submitted: Review all QDROs in accordance with the qualification requirements established underneath ERISA and the Internal Income Code and with respect to specific plan procedures.
2 . Planning of Endorsement or Refusal letter:
Disperse an approval or denial notification to all celebrations, based on the determination of the review (including copies for the Plan Administrator).
3. Overview of Modified or Amended Orders:
Review any amended QDROs sent on behalf of the same Prepare Participant to improve any deficiencies found in previous draft Purchases.
4. Correspondence with All Get-togethers:
Conduct all necessary dental and/or created correspondence with all the parties and the legal reps.
5. QDRO Interpretation Letters:
Once a QDRO has been considered qualified, send out a QDRO interpretation...