BASIC PENSION PLAN FOR EMPLOYEES OF JEWISH FEDERATION COUNCIL OF GREATER LOS ANGELES
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BASIC PENSION PLAN FOR EMPLOYEES OF JEWISH FEDERATION COUNCIL OF GREATER LOS ANGELES

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BASIC PENSION PLAN FOR EMPLOYEES OF JEWISH FEDERATION COUNCIL OF GREATER LOS ANGELES is a DEFINED BENEFIT PLAN. This type of plan generally provides participants with a monthly retirement benefit upon reaching a specific age and may be adjusted for early retirement. Benefits paid at the time of retirement are typically calculated using a formula based upon years of credited service and compensation information. Benefits are generally payable to the participant upon reaching "normal retirement age" for the remainder of the Participant's lifetime. Benefits accumulated under this type of plan are often referred to as "accrued benefits".

With this type of plan, the Alternate Payee is usually not awarded a lump sum cash payment from the Plan. Rather, the Alternate Payee’s award is typically made in terms of a monthly benefit payable for either the lifetime of the Participant (a "shared payment") or the Alternate Payee (a "separate interest").

Features of the BASIC PENSION PLAN FOR EMPLOYEES OF JEWISH FEDERATION COUNCIL OF GREATER LOS ANGELES may include:

  • Benefits accrued under this Plan are primarily pay related
BASIC PENSION PLAN FOR EMPLOYEES OF JEWISH FEDERATION COUNCIL OF GREATER LOS ANGELES is a DEFINED CONTRIBUTION PLAN. 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. Some examples of this type of plan are 401(k), 401(a), Employee Stock Ownership Plan (ESOP), Savings Plans and Profit-Sharing Plans.

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). 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. 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 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). 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.

Features of the BASIC PENSION PLAN FOR EMPLOYEES OF JEWISH FEDERATION COUNCIL OF GREATER LOS ANGELES may include:

  • This is a Plan where employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan.


DISCLAIMERS

The Plan features and descriptions presented are provided only as examples and general descriptions a particular type of plan. Participants and Alternate Payees should ALWAYS review the applicable Summary Plan Description for a detailed description of the specific terms and options for the specific Plan in question.

The information provided on this page is based upon the most recent Plan tax filings available. The terms of a specific plan may have changed since the most recently available tax filing, and as a result, these descriptions and features may not be current. SimpleQDRO makes no representations as to accuracy of these descriptions.

SimpleQDRO is neither the administrator, nor a representative of this Plan. SimpleQDRO provides this information merely as a courtesy and makes no warranties as to the current status or accuracy of these descriptions.
Plan & Company Information

pdg
Company
JEWISH FEDERATION COUNCIL OF GREATER LOS ANGELES
6505 WILSHIRE BLVD STE 1150
LOS ANGELES, california 90048
323-761-8000
pdg
Plan Name
BASIC PENSION PLAN FOR EMPLOYEES OF JEWISH FEDERATION COUNCIL OF GREATER LOS ANGELES
pdg
Plan Administrator
JEWISH FEDERATION COUNCIL OF GREATER LOS ANGELES
6505 WILSHIRE BLVD STE 1150
LOS ANGELES, california 90048
323-761-8000
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BASIC PENSION PLAN FOR EMPLOYEES OF JEWISH FEDERATION COUNCIL OF GREATER LOS ANGELES is located in Los Angeles County in LOS ANGELES, CA. If you need a QDRO in Los Angeles County or LOS ANGELES, CA just know that SimpleQDRO drafts QDROs for customers in all 50 states.
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