Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

MODEL ORDER CONOCOPHILLIPS SAVINGS PLAN CONOCOPHILLIPS STORE SAVINGS PLAN This by richman6

VIEWS: 26 PAGES: 8

									                                                                                   MODEL ORDER

                                                             CONOCOPHILLIPS SAVINGS PLAN

                                                    CONOCOPHILLIPS STORE SAVINGS PLAN



       This Domestic Relations Order is intended to meet the requirements of 29 U.S.C.
       Section 1056(d) [Section 206(d) of the Employee Retirement Income Security Act as
       amended (“ERISA”)] and Section 414(p) of the Internal Revenue Code of 1986 as it
       pertains to "qualified domestic relations orders."


       Accordingly, the following is hereby ORDERED and specified:


       1. GENERAL INFORMATION

              PARTICIPANT                                                                                       ALTERNATE PAYEE

              Name:                                                                                             Name:

                                                                                                                ______________________________

              Mailing Address:                                                                                  Mailing Address:

                                                                                                                ______________________________

                                                                                                                ______________________________

              Date of Birth:                                                                                    Date of Birth:

              ______________________________                                                                    ______________________________

              Social Security Number:                                                                           Social Security Number:

              ______________________________                                                                    ______________________________




                                                                                                    1
MODEL CPSP /CPSSP
\\bana01\bordesm\My Documents\2008 Projects\2008 Health and Welfare Updates\MODEL ORDER CPSP Rev 09-01-08.doc
2.            THE FOLLOWING PROVISIONS APPLY TO ALL PLANS:

              A.            This Domestic Relations Order is not intended to require the plan(s) to
                            provide any type or form of benefit or any option not otherwise provided by
                            the plan(s), nor shall this order require the plan(s) to provide for increased
                            benefits (determined on the basis of actuarial value). This Domestic
                            Relations Order shall not require the plan(s) to provide benefits to the
                            Alternate Payee that are required to be paid to another alternate payee
                            under another order previously determined to be a qualified domestic
                            relations order. Should any provision of this order conflict with the
                            requirements of Section 414(p) of the Internal Revenue Code of 1986 or
                            29 U.S.C. Section 1056(d) [Section 206(d) of ERISA], the Plan Benefits
                            Administrator shall, to the extent possible, construe this order to be
                            consistent with such requirements.

              B.            This Domestic Relations Order is incorporated into, is an integral part of,
                            and supersedes any conflicting provisions of the decree of divorce signed
                            and entered by the Court in this matter.

3.            AWARD

              This Domestic Relations Order awards, assigns and grants to the Alternate
              Payee a portion of the benefits payable to the Participant in the following
              employee pension benefit plans sponsored by ConocoPhillips or any successor
              company (collectively called “the Company”) or any successor plan of the
              Company, in recognition of the existence of the Alternate Payee's marital rights in
              the Participant's benefits. The name of each plan in which an award is made
              to the Alternate Payee is checked below and the percentage or amount of
              award as of the date of award is indicated in the blanks below:




A.                CONOCOPHILLIPS SAVINGS PLAN
              (Generally applies to certain active employees of ConocoPhillips or certain
              former employees of ConocoPhillips, Conoco Inc., Phillips Petroleum Company
              or Tosco Corporation.)

B.                CONOCOPHILLIPS STORE SAVINGS PLAN
              (Generally applies to certain active employees of ConocoPhillips or certain
              former employees of ConocoPhillips, Conoco Inc., Phillips Petroleum Company
              or Tosco Corporation retail store operations.)




                                                                                           2
MODEL CPSP /CPSSP
\\bana01\bordesm\My Documents\2008 Projects\2008 Health and Welfare Updates\MODEL ORDER CPSP Rev 09-01-08.doc
As part of a just and right division of the estate of the parties, the Court awards,
assigns and grants to Alternate Payee the following:


       (1)          Percentage or amount of award:

                    ______________ % of the Participant’s vested account

                                                                                        OR

                    Assets with a market value of $_______________ from the Participant’s
                    vested account. If the market value of the Participant’s vested account is less
                    than the specified dollar amount on the Award Date, the Alternate Payee shall
                    receive the entire vested account.

       (2)          Date of Award (Valuation date):

                    ________________, _______. (month/day/year)

                    (Note: The Date of Award may not be prior to 10/03/03 for awards pertaining
                    to the former Thrift Plan for Employees of Conoco Inc. or the former Thrift Plan
                    for Retail Employees of Conoco Inc.)

                                                                                        OR

                            As of the date assets are allocated to the Alternate Payee.

4.          DIVISION OF BENEFIT

            (A)            If the Participant has or had an outstanding loan balance on the Date of
                           Award, the outstanding loan balance will not be included when determining
                           the Participant’s vested account balance.

            (B)            The Alternate Payee’s award shall be taken pro rata from each type of
                           asset in the Participant’s account.

            (C)            The Alternate Payee’s award shall be taken pro rata from the after-tax and
                           before-tax sources of the Participant’s account.

            (D)            The Alternate Payee’s award shall be adjusted to reflect earnings and
                           losses from the Date of Award to the Date of Segregation.




                                                                                           3
MODEL CPSP /CPSSP
\\bana01\bordesm\My Documents\2008 Projects\2008 Health and Welfare Updates\MODEL ORDER CPSP Rev 09-01-08.doc
            (E)            The Alternate Payee’s award shall be segregated into a separate account
                           by the Plan Benefits Administrator solely under the name of the Alternate
                           Payee for the Alternate Payee's benefit and as the Alternate Payee's sole
                           and separate property. The Alternate Payee may remain in the Plan, and
                           make partial or complete withdrawals as permitted by the appropriate
                           plan’s rules.

5.          EFFECT OF DEATH

            (A)            At the time of Participant’s death, any benefit payable to a beneficiary
                           immediately becomes the property of the beneficiary and is not subject to
                           division by a domestic relations order.

            (B)            However, if this Order is received by the Plan Administrator after
                           Participant’s death and is subsequently determined to be a Qualified
                           Domestic Relations Order, Participant’s death may have no effect on
                           Alternate Payee’s right to a benefit from the Plan; provided a prior Court
                           Order related to a potential QDRO was received by the Plan Benefits
                           Administrator prior to Participant’s death, which caused a hold to be placed
                           on the Participant’s account.

            (C)            If this Order is determined to be a Qualified Domestic Relations Order, and
                           Alternate Payee dies after the date the court signed the Qualified Domestic
                           Relations Order, and before making a complete withdrawal from the Plan
                           (s), the Alternate Payee’s benefit will be paid to Alternate Payee’s named
                           beneficiary or to Alternate Payee’s estate if there is no named beneficiary.

6.          GENERAL

            (A)            The Alternate Payee will have taxable income as a result of any
                           distributions from a Qualified Plan to the extent required by Internal
                           Revenue Code Sections 402(a)(9) and 72(m)(10).

            (B)            In the event the plan trustee inadvertently pays the Participant any benefits
                           assigned to the Alternate Payee pursuant to the terms of this Order, the
                           Participant shall reimburse the Savings Plan Trust to the extent Participant
                           has received such benefits within ten (10) days of receipt of notice of
                           overpayment.

            (C)            In the event the plan trustee inadvertently pays the Alternate Payee any
                           benefits assigned to the Participant pursuant to the terms of this Order, the
                           Alternate Payee shall reimburse the Savings Plan Trust to the extent
                           Alternate Payee has received such benefits within ten (10) days of receipt
                           of notice of overpayment.



                                                                                           4
MODEL CPSP /CPSSP
\\bana01\bordesm\My Documents\2008 Projects\2008 Health and Welfare Updates\MODEL ORDER CPSP Rev 09-01-08.doc
The Court retains jurisdiction for the purpose of modifying this Domestic Relations Order
to achieve the purpose of the order of the Court or to comply with ERISA and
Section 414(p) of the Internal Revenue Code.


ORDERED this _____ day of ________________________, 20___.




                                                                                                    ________________________________
                                                                                                    JUDGE OF THE COURT




________________________________                                                                    ________________________________
Attorney for Participant                                                                            Attorney for Alternate Payee

Address                                                                                             Address

Telephone No.                                                                                       Telephone No.




________________________________                                                                    ________________________________
Participant                                                                                         Alternate Payee

Address                                                                                             Address

Telephone No.                                                                                       Telephone No.




                                                                                           5
MODEL CPSP /CPSSP
\\bana01\bordesm\My Documents\2008 Projects\2008 Health and Welfare Updates\MODEL ORDER CPSP Rev 09-01-08.doc
                                                     ANNOTATIONS TO MODEL ORDER

                                                                       CONOCOPHILLIPS

The paragraph numbers in these annotations correspond to those in the Model Order
provided by ConocoPhillips.

ConocoPhillips sponsors two qualified Defined Contribution (DC) Plans:
     • ConocoPhillips Savings Plan,
     • ConocoPhillips Store Savings Plan

Burlington Resources Inc. sponsors one qualified Defined Contribution (DC) Plan:
       • Burlington Resources Inc. Retirement Savings Plan.

This form applies to benefits accrued in the ConocoPhillips Store Savings Plan and/or
the ConocoPhillips Savings Plan while a person was an employee of ConocoPhillips or
one of the heritage companies. If the person accrued benefits while working for another
employer and those benefits were transferred to a ConocoPhillips plan, please check
with the QDRO administrator for more information. The model order may or may not be
valid for awarding the transferred benefits.

This form cannot be used to award benefits from the Burlington Resources Inc.
Retirement Savings Plan. If an order is to be written for that plan, please contact
the QDRO Administrator.



3.            AWARD

ConocoPhillips maintains two similar Savings Plans; the ConocoPhillips Store Savings
Plan is for Retail Employees and the ConocoPhillips Savings Plan is for non Retail
Employees. Please specify the plan(s) to which the order applies. The two plans have
the same record keeper, Vanguard Fiduciary Trust Company.

              (1)           The order gives only two methods of awarding benefits - a dollar amount
                            or a percentage. No other method is acceptable.

              (2)           The date specified may not be earlier than October 3, 2003 for awards
                            from the former Thrift Plan for Employees of Conoco Inc. or the former
                            Thrift Plan for Retail Employees of Conoco Inc.

                            Regardless of the Date of Award, no deposits or loan repayments made
                            by the Participant that have not been invested in an Investment Fund prior
                            to the Date of Award, nor any Company contribution or allocation
                            attributable to those deposits, will be considered as part of the
                            Participant’s account subject to assignment under the QDRO.



                                                                                           6
MODEL CPSP /CPSSP
\\bana01\bordesm\My Documents\2008 Projects\2008 Health and Welfare Updates\MODEL ORDER CPSP Rev 09-01-08.doc
NOTE: The Alternate Payee can not be awarded any portion of a future benefit the
participant may receive; including an award of future Company allocations to the stock
savings feature of the ConocoPhillips Savings Plan.



4.            DIVISION OF BENEFIT

(A)           Unless the order specifies otherwise, the amount of the Alternate Payee’s
              award will be determined without including the Participant’s outstanding loan
              balance (e.g., Participant has $10,000 account balance, including $2,000 loan
              balance; Alternate Payee is assigned 50% of account balance; Alternate Payee
              receives $4,000 ($10,000 account balance minus $2,000 loan balance = $8,000
              X 50% = $4,000 Alternate Payee award).

(B)           The record keeper will allocate to Alternate Payee a pro rata share of each type
              of asset in Participant’s account. The order may not specify any other
              method of allocation.

                            A Participant’s outstanding loan balance is not considered an asset.
                            Therefore, the Alternate Payee shall not receive any portion of any
                            outstanding loan balances or right to repayment of such loans. Under no
                            circumstances may the order specify that a portion of a loan balance
                            be transferred to the Alternate Payee.

(C)           In general, the Alternate Payee will receive a prorated share of the before-tax
              and after-tax sources in the Participant’s account. However, the order may
              specify a dollar amount or percentage to come from before-tax sources or from
              after-tax sources, if available.

(D)           Earnings or losses attributable to the amount awarded to the Alternate Payee
              that accrue between the Date of Award and the Date of Segregation of the
              Alternate Payee’s account will be credited to the Alternate Payee’s account.
              Because of daily fluctuations in the value of accounts in the DC Plans, it is not
              possible to exclude earnings or losses from an award to an Alternate Payee
              unless the date of award is “as of the date assets are allocated to the
              Alternate Payee”.

                            Further, any earnings or losses attributable to the amount awarded to the
                            Alternate Payee that accrue between the Date of Segregation and the
                            Date of Distribution of the Alternate Payee’s account will be applied to the
                            Alternate Payee’s account.

(E)           Please refer to the summary plan description of the appropriate plan for details
              regarding the form and timing of distributions. A summary plan description for
              each appropriate plan will be provided to the Alternate Payee upon notice of



                                                                                           7
MODEL CPSP /CPSSP
\\bana01\bordesm\My Documents\2008 Projects\2008 Health and Welfare Updates\MODEL ORDER CPSP Rev 09-01-08.doc
              qualification of an Order. Summary plan descriptions will be provided to any
              party, free of charge, upon request.

                            The Alternate Payee may request withdrawals by contacting Vanguard
                            Fiduciary Trust Company at 1-800-523-1188.


5.            EFFECT OF DEATH

              (B)           In some cases, a Court Order related to a potential QDRO may have been
                            received by the Plan Benefits Administrator which caused a hold to be
                            placed on the Participant’s account prior to Participant’s death. In that
                            instance, if a domestic relations order is received by the Plan Benefits
                            Administrator and subsequently determined to be a Qualified Domestic
                            Relations Order before the hold is released, the Alternate Payee award
                            will be separated from Participant’s benefit. Any remaining benefit then
                            becomes the property of Participant’s beneficiary in accordance with Plan
                            rules.

              (C)           A domestic relations order that has been signed by the Court after the
                            date of death of the Alternate Payee will not be accepted by the Plan.




                                                                                           8
MODEL CPSP /CPSSP
\\bana01\bordesm\My Documents\2008 Projects\2008 Health and Welfare Updates\MODEL ORDER CPSP Rev 09-01-08.doc

								
To top