Profit Sharing Plan has 2 participants who are husband and wife, soon to be ex-husband and ex-wife. Both have agreed not to request a DRO with respect to the other's PS account balance. This is stated in the Divorce Agreement (not yet signed by both parties).
The husband has terminated service with the plan sponsor and has requested distribution of his AcctBal.
In order for the plan sponsor to proceed with the husband's distribution, the plan needs assurance a DRO will never be presented to the Plan.
Would statements from each of the 2 participants, each irrevocably waiving the right to bring forward a DRO with respect to their soon to be former ex-spouse be sufficient, and if so, should it be a notarized statement or is a witness sufficient?
Also, if the Divorce Agreement were signed would it be sufficient on its own (thus no individual waiver statements needed)?
Thank you.