Sample "Letter of Understanding"
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QDRO Consultants Co.
110 South Huntington St.
Medina, Ohio 44256
Letter of Understanding Regarding the Review and Administration of Qualified Domestic Relations Orders ("QDROs")
Dear Mr. Shulman:
I am pleased to inform you that Compass Minerals Group would like to retain the services of QDRO Consultants Co. to review and administer the Qualified Domestic Relations Orders that are submitted to this Company on behalf of its retirement plan participants.
In return for the services performed by QDRO Consultants Co., as set forth below, Compass Minerals Group will pay to QDRO Consultants Co. a one-time fee of Three Hundred Dollars ($300.00) per QDRO. Such amount shall be due and payable after QDRO Consultants Co. has initiated the QDRO administrative process. This billing rate will not change unless prior approval is received from an authorized representative of Compass Minerals Group.
In your review and administration of each Qualified Domestic Relations Order, it is our understanding that you will perform the following functions: 1. Review the terms and provisions of the QDRO as submitted: Review all QDROs in accordance with the qualification criteria established under ERISA and the Internal Revenue Code and with respect to specific plan provisions.
2. Preparation of Approval or Denial letter:
Distribute an approval or denial letter to all parties, based on the determination of the review (including copies to the Plan Administrator).
3. Review of Modified or Amended Orders:
Review any and all amended QDROs sent on behalf of the same Plan Participant to correct any deficiencies found in previous draft Orders.
4. Correspondence with All Parties:
Conduct all necessary oral and/or written correspondence with the parties and their legal representatives.
5. QDRO Interpretation Letters:
Once a QDRO has been deemed qualified, send a QDRO interpretation...
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