HAINES CITY CITRUS GROWERS ASSN. MONEY PURCHASE PENSION PLAN
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HAINES CITY CITRUS GROWERS ASSN. MONEY PURCHASE PENSION 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.
HAINES CITY CITRUS GROWERS ASSN. MONEY PURCHASE PENSION 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 HAINES CITY CITRUS GROWERS ASSN. MONEY PURCHASE PENSION PLAN may include:

  • This Plan is a “Money purchase” plan, which is similar to a profit-sharing plan, except that the employer contribution amounts are fixed rather than variable. In other words, the Employer is required to make annual contributions to each employee’s account regardless of the company's profitability for the year.
HAINES CITY CITRUS GROWERS ASSN. MONEY PURCHASE PENSION 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 HAINES CITY CITRUS GROWERS ASSN. MONEY PURCHASE PENSION 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.
Plan & Company Information

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Company
HAINES CITY CITRUS GROWERS ASSN.
P. O. BOX 337
HAINES CITY, florida 33845
863-422-1174
pdg
Plan Name
HAINES CITY CITRUS GROWERS ASSN. MONEY PURCHASE PENSION PLAN
pdg
Plan Administrator
HAINES CITY CITRUS GROWERS ASSN.
P. O. BOX 337
HAINES CITY, florida 33845
863-422-1174
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HAINES CITY CITRUS GROWERS ASSN. MONEY PURCHASE PENSION PLAN is located in HAINES CITY, FL. If you need a QDRO in HAINES CITY, FL just know that SimpleQDRO drafts QDROs for customers in all 50 states.
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