TAX SHELTERED ANNUITY PLAN FOR EMPLOYEES OF NORTHERN MAINE MEDICAL CENTER TO INCLUDE FOREST HILL AND VALLEY MEDICAL ASSOCIATION
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TAX SHELTERED ANNUITY PLAN FOR EMPLOYEES OF NORTHERN MAINE MEDICAL CENTER TO INCLUDE FOREST HILL AND VALLEY MEDICAL ASSOCIATION

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TAX SHELTERED ANNUITY PLAN FOR EMPLOYEES OF NORTHERN MAINE MEDICAL CENTER TO INCLUDE FOREST HILL AND VALLEY MEDICAL ASSOCIATION 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 TAX SHELTERED ANNUITY PLAN FOR EMPLOYEES OF NORTHERN MAINE MEDICAL CENTER TO INCLUDE FOREST HILL AND VALLEY MEDICAL ASSOCIATION may include:

  • This Plan is an “Age/service weighted” or “new comparability” or similar plan. An “Age/service weighted” plan is a plan where allocations to the Plan on behalf of a Participant are based on age, service, or age and service. “New comparability” or similar plans are where allocations to the Plan are based on participant classifications. Classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the threshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of Code section 401(l).
  • This Plan permits Participants to direct the investment of his or her retirement accounts.
  • This is a 403(b)(1) plan for certain employees of public schools and tax-exempt organizations. Participants include teachers, school administrators, professors, government employees, nurses, doctors, and librarians, and investments are in annuity contract(s)
  • This is a 403(b)(7) plan for certain employees of public schools and tax-exempt organizations. Participants include teachers, school administrators, professors, government employees, nurses, doctors, and librarians, and investments are in a custodial agreement where the investments are typically in mutual funds
  • This is a plan that provides for total or partial participant-directed account(s). In other words, this Plan uses a default investment account for participants who fail to direct assets in their account.


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
NORTHERN MAINE MEDICAL CENTER
194 EAST MAIN STREET
FORT KENT, maine 47431-433
207-834-3155
pdg
Plan Name
TAX SHELTERED ANNUITY PLAN FOR EMPLOYEES OF NORTHERN MAINE MEDICAL CENTER TO INCLUDE FOREST HILL AND VALLEY MEDICAL ASSOCIATION
pdg
Plan Administrator
NORTHERN MAINE MEDICAL CENTER
194 EAST MAIN STREET
FORT KENT, maine 47431-433
207-834-3155
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TAX SHELTERED ANNUITY PLAN FOR EMPLOYEES OF NORTHERN MAINE MEDICAL CENTER TO INCLUDE FOREST HILL AND VALLEY MEDICAL ASSOCIATION is located in Aroostook County in FORT KENT, ME. If you need a QDRO in Aroostook County or FORT KENT, ME just know that SimpleQDRO drafts QDROs for customers in all 50 states.
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