Policy on Plan Administration North Carolina Supplemental Retirement Plans

Adopted: August 26, 2021
Last Revised: December 1, 2022

1. The Department and the recordkeeper may provide a participant’s name, mailing address, telephone number, email address, and account information, as well as other information applicable to the administration of the Supplemental Retirement Plans, to each other; to a vendor retained by the administrator or the third-party administrator; upon the request or consent of the participant; or as permitted or required by law. The recordkeeper is Empower as of the date of this policy.
    
2. Forfeited contributions, and investment gains on the forfeited contributions, will be placed in a plan forfeiture account for the benefit of the employer that made the contributions. Funds in a forfeiture account can only be used by the employer to offset its future contributions to the plan.
    

3. The Department or the recordkeeper will impose an account restriction in the following situations:

   a.    The receipt of a domestic relations order, draft domestic relations order, or other court order that applies to the account;

   b.    The account contains, or may contain, funds from employer or employee contributions as a result of mistake or negligent or fraudulent act or omission;

   c.    The account contains funds that are subject to forfeiture pursuant to state or federal law, including employer contributions and court costs for convicted law enforcement officers pursuant to N.C.G.S. § 143-166.30(g1) or N.C.G.S. § 143-166.50(e2).

4. An account restriction prohibits a distribution from, or a change of investments in, an account or part of an account.
    
5. The Department or the recordkeeper will remove an account restriction upon one of the following, as applicable:
   
   a.       The administration of a domestic relations order;
   
   b.      In the case of a draft domestic relations order, after 90 days unless the Department or the recordkeeper receives a domestic relations order or other court order that applies to the account;
   
   c.       The receipt of a court order that removes an alternate payee’s right to assets in the account;
   
   d.       The receipt of a court order that requires the removal of the account restriction; or
   
   e.    Following the return of assets to an employer or the transfer of assets to an employer’s forfeiture account.

Revision History and Effective Dates