BOBBY JOE TURNER FARMS, INC. RETIREMENT PLAN 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 BOBBY JOE TURNER FARMS, INC. RETIREMENT PLAN may include:
- This is a “frozen” plan, meaning that as of the last day of the plan year, the plan provides that no participant will get any new benefit accrual (whether because of service or compensation).
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.
