This is a cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan and provides for an election by employees to defer part of their compensation or receive these amounts in cash.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.Features of the EVERNOTE CORPORATION 401(K) PLAN may include: 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. EVERNOTE CORPORATION 401(K) PLAN is a DEFINED CONTRIBUTION PLAN.
0 kommentar(er)
