This Plan permits Participants to direct the investment of his or her retirement accounts.This Plan is a “Profit-Sharing Plan”, where employer contributions are variable and are based upon a portion of company profits based upon quarterly or annual earnings.
#Quadro 401k code#
Classification(s) consists entirely or predominantly of highly compensated employees or the plan provides an additional allocation rate on compensation above a specified threshold, and the threshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of Code section 401(l). “New comparability” or similar plans are where allocations to the Plan are based on participant classifications. An “Age/service weighted” plan is a plan where allocations to the Plan on behalf of a Participant are based on age, service, or age and service.
#Quadro 401k professional#
It is important for an Alternate Payee to consult with a tax professional before making any transfers or withdrawals, in order to be fully informed as to any potential tax consequences arising from either the timing or nature of the transfer or withdrawal. The Alternate Payee may also choose to transfer the awarded funds to another tax qualified account of his/her choice – for example, to an Individual Retirement Account (IRA). This type of plan generally affords an Alternate Payee the ability to receive an immediate lump sum distribution (or withdrawal) upon approval of a QDRO. The Plan will establish a separate account for the Alternate Payee and will usually allow the Alternate Payee the opportunity to utilize investment opportunities that are available for other participants in the Plan.
With this type of plan, the Alternate Payee is typically awarded a portion of the Participant's account balance as of a specific date, expressed as either a percentage, or as a specific dollar amount, by way of a Qualified Domestic Relations Order (QDRO). Some examples of this type of plan are 401(k), 401(a), Employee Stock Ownership Plan (ESOP), Savings Plans and Profit-Sharing Plans. This type of Plan generally establishes an account for each individual Participant where a defined amount is being contributed by the Participant, the employer or both. ACT I 401K PLAN is a DEFINED CONTRIBUTION PLAN.
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