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. This Plan is an “Age/service weighted” or “new comparability” or similar plan.Features of the MINCO CONSTRUCTION 401(K) PLAN may include: It is critical that the Alternate Payee 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 nature or timing of the withdrawal or transfer. Alternatively, the Alternate Payee may choose to transfer the awarded funds to another tax deferred account of their choice - for example, to an IRA (Individual Retirement Account). This type of plan generally allows an Alternate Payee to receive an immediate lump sum distribution (or withdrawal) upon approval of a QDRO. If permitted by the terms of the plan, the Alternate Payee may have the opportunity to utilize investment options that are available for other plan participants. Once a QDRO is approved, the Plan Administrator will establish a separate account for the Alternate Payee. With a few exceptions, a QDRO containing a marital coverture formula for division of a defined contribution account will likely be rejected by the appropriate Plan Administrator. Most defined contribution plans do not permit an award to be expressed as "marital coverture formula", such as: "50% of the amount accrued from the date of marriage to the date of separation or divorce". In most cases, the Alternate Payee’s portion must be expressed as either a specific dollar amount, or as a percentage of the account. When dividing a defined contribution plan, the Alternate Payee is typically awarded a portion of the Participant's account balance as of a specific date (the "Valuation Date" or "Assignment Date"). A division of this type of account must be done by way of a Qualified Domestic Relations Order (QDRO). Examples of this plan type are Employee Stock Ownership Plan (ESOP), Profit-Sharing Plans, 401(a), Savings Plans and 401(k). Regular contributions are then made by the Employer, the Participant, or both. Typically, a Company Sponsor (Employer) of this type of plan creates an account for every individual Participant. MINCO also has an investor services entity that operates as Bowdoin Capital LLC.MINCO CONSTRUCTION 401(K) PLAN is a DEFINED CONTRIBUTION PLAN. MINCO has been an integral part of helping clients develop, lease and sell millions of square feet of property, including industrial space, healthcare facilities, corporate offices, multi-family housing and retail centers. MINCO provides real estate and development services to every major group of participants in the real estate market and develop independent projects. MINCO is one of the biggest and most respected commercial real estate companies in the Merrimack Valley of Massachusetts. That commitment has remained strong through the years and has been enhanced by the use of state-of-the-art technology and educational resources to keep ahead of industry trends. on the foundation of hard work, accuracy and a dedication to delivering the best service possible to clients. MINCO Development Corporation, doing business as MINCO Corporation and MINCO Commercial Real Estate, was established in 1982 by Louis P.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |