CTL ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN
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This page contains information about the

CTL ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN

This is for the benefit of people going through a divorce or attorneys assisting their clients with a divorce. Please don't reach out to us on live chat or our toll free number unless you're dealing with a divorce. SimpleQDRO isn't a Plan Administrator or affiliated with the plan or company listed on this page. We do draft QDROs for this plan, though. So if that is why you're here, please connect with us.
CTL ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN 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 CTL ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN may include:

  • This is a “Stock Bonus” Plan, where the employer contributes company stock to an employee’s account. Contributions to a stock bonus plan are discretionary. Stock Bonus Plans cannot discriminate toward highly compensated employees, such as executives. Annual contributions to a stock bonus plan are limited to 25% of each employee's total compensation.
  • This is an Employee Stock Ownership Plan (ESOP), where the sponsoring company contributes newly issued stock, existing treasury stock, or cash to the Plan, which is then used to purchase shares from the selling shareholder
  • The Employer maintaining this Employee Stock Ownership Plan (ESOP) is an S corporation


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

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Company
CTL ENGINEERING, INC.
2860 FISHER ROAD
COLUMBUS, OH 43204-0548
614-276-8123
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Plan Name
CTL ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN
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Plan Administrator
CTL ENGINEERING, INC.
2860 FISHER ROAD
COLUMBUS, OH 43204-0548
614-276-8123
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CTL ENGINEERING, INC. EMPLOYEE STOCK OWNERSHIP PLAN is located in Franklin County in COLUMBUS, OH. If you need a QDRO in Franklin County or COLUMBUS, OH just know that SimpleQDRO drafts QDROs for customers in all 50 states.
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