10/12/2023 0 Comments Luma soda![]() ![]() 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. 401(K) PLAN is a DEFINED CONTRIBUTION PLAN.
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