1.11 SPOUSES WITH DUAL EMPLOYER CONTRIBUTIONS TO THE PLAN
If spouses both become eligible as Active Employees, they will be allowed to make a joint election on a form approved by the Plan to waive one spouse’s right to his or her Dollars Bank balance and all Employer contributions otherwise payable into the Dollars Bank account of that spouse, and instead direct all such Dollars Bank funds and Employer contributions into the Dollars Bank account of the other spouse.
Any such election will be effective as of the first day of the next month following the properly-completed election by both spouses, and at that time all Dollars Bank funds held by the waiving spouse shall be transferred to the Dollars Bank of the other spouse. Spouses making this election acknowledge and accept that:
- This election can only be changed during the annual open enrollment or if you divorce, and only on a prospective basis – that is, for new Dollars Bank contributions received after the change. Previouslytransferred and received Dollars Bank contributions will only be transferred back to the other spouse at death of the originally-designated spouse upon death.
- The spouse whose Dollars Bank account is designated as the sole recipient of both spouses’ Dollars Bank funds and contributions will have sole authority to elect Plan Levels for coverage, including but not limited to elections regarding the Plan coverage of the waiving spouse and any Dependent children.
- In the event of divorce, without regard to any agreements of the spouses or ex-spouses, or orders of the court or any other body, there will be no transfer of Dollars Bank contributions previously received and credited by the Trust from one spouse to the other spouse.