§ 33.026 PLAN LOAN REPAYMENT PERIOD.

   (A)   Consistent with I.R.C. § 72(P)(B), a plan loan shall not be made unless the loan, by its terms, is required to be repaid within five years unless the loan is used to acquire the participant’s principal residence.

   (B)   To the extent permitted by I.R.C. § 414(u)(4), a plan loan may suspend the participant’s repayment obligation for any part of the period during which the participant performs service in the uniformed services, even if such service is not qualified military service.

(Ord. NIRC 97-1, passed 1-15-1997)

§ 33.027 PLAN LOAN AMORTIZATION.

   Consistent with I.R.C. § 72(p), a plan loan shall not be made unless the loan requires substantially level amortization (with payments not less frequently than quarterly) over the term of the loan.

(Ord. NIRC 97-1, passed 1-15-1997)

§ 33.028 OTHER PROVISIONS.

   The Plan Administrator shall make such reasonable rules, requirements and provisions as the Plan Administrator, in his or her sole discretion, may find necessary or desirable to ensure that all plan loans meet the requirements of I.R.C. § 72(p) and that the use of plan loans is consistent with all the purposes and provisions of the plan.

(Ord. NIRC 97-1, passed 1-15-1997)

PLAN-APPROVED DOMESTIC RELATIONS ORDER

§ 33.040 QDRO PROCEDURES.

   The Plan Administrator may (but is not required to) establish written procedures for determining whether an order directed to the plan is a plan-approved domestic relations order.

(Ord. NIRC 97-1, passed 1-15-1997)