#Clarion security code#
#Clarion security professional#

This is a cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan and provides for an election by employees to defer part of their compensation or receive these amounts in cash.

This Plan permits Participants to direct the investment of his or her retirement accounts.

This Plan is a “Profit-Sharing Plan”, where employer contributions are variable and are based upon a portion of company profits based upon quarterly or annual earnings.Features of the CLARION SECURITY 401(K) PLAN may include:

#Clarion security professional#

It is critical that the Alternate Payee 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 nature or timing of the withdrawal or transfer. Alternatively, the Alternate Payee may choose to transfer the awarded funds to another tax deferred account of their choice - for example, to an IRA (Individual Retirement Account). This type of plan generally allows an Alternate Payee to receive an immediate lump sum distribution (or withdrawal) upon approval of a QDRO. If permitted by the terms of the plan, the Alternate Payee may have the opportunity to utilize investment options that are available for other plan participants. Once a QDRO is approved, the Plan Administrator will establish a separate account for the Alternate Payee. With a few exceptions, a QDRO containing a marital coverture formula for division of a defined contribution account will likely be rejected by the appropriate Plan Administrator.

Most defined contribution plans do not permit an award to be expressed as 'marital coverture formula', such as: '50% of the amount accrued from the date of marriage to the date of separation or divorce'. In most cases, the Alternate Payee’s portion must be expressed as either a specific dollar amount, or as a percentage of the account. When dividing a defined contribution plan, the Alternate Payee is typically awarded a portion of the Participant's account balance as of a specific date (the 'Valuation Date' or 'Assignment Date'). A division of this type of account must be done by way of a Qualified Domestic Relations Order (QDRO). Examples of this plan type are Employee Stock Ownership Plan (ESOP), Profit-Sharing Plans, 401(a), Savings Plans and 401(k). Regular contributions are then made by the Employer, the Participant, or both. Typically, a Company Sponsor (Employer) of this type of plan creates an account for every individual Participant. CLARION SECURITY 401(K) PLAN is a DEFINED CONTRIBUTION PLAN.