HY-TEK MATERIAL HANDLING, INC. EMPLOYEE STOCK OWNERSHIP PLAN
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This page contains information about the

HY-TEK MATERIAL HANDLING, INC. EMPLOYEE STOCK OWNERSHIP PLAN

This website is for the benefit of attorneys and CPAs with clients needing a QDRO for this plan. QDRO.com is NOT the Plan Administrator or affiliated with the plan or company listed on this page. We draft QDROs for this plan, so if that is why you're here, please say hello.
Plan & Company Information

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Company
HY-TEK MATERIAL HANDLING, INC.
2222 RICKENBACKER PKWY W
COLUMBUS, ohio 43217
614-497-2500
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Plan Name
HY-TEK MATERIAL HANDLING, INC. EMPLOYEE STOCK OWNERSHIP PLAN
pdg
Plan Administrator
HY-TEK MATERIAL HANDLING, INC.
2222 RICKENBACKER PKWY W
COLUMBUS, ohio 43217
614-497-2500
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HY-TEK MATERIAL HANDLING, 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 QDRO.com drafts QDROs for customers in all 50 states.
HY-TEK MATERIAL HANDLING, INC. EMPLOYEE STOCK OWNERSHIP PLAN is a DEFINED CONTRIBUTION PLAN. Typically, a Company Sponsor (Employer) of this type of plan creates an account for every individual Participant. Regular contributions are then made by the Employer, the Participant, or both. Examples of this plan type are Employee Stock Ownership Plan (ESOP), Profit-Sharing Plans, 401(a), Savings Plans and 401(k).

A division of this type of account must be done by way of a Qualified Domestic Relations Order (QDRO). 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"). In most cases, the Alternate Payee’s portion must be expressed as either a specific dollar amount, or as a percentage of the account. 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". 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.

Once a QDRO is approved, the Plan Administrator will establish a separate account for the Alternate Payee. 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. This type of plan generally allows an Alternate Payee to receive an immediate lump sum distribution (or withdrawal) upon approval of a QDRO. 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). 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.

Features of the HY-TEK MATERIAL HANDLING, 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. QDRO.com makes no representations as to accuracy of these descriptions.

QDRO.com is neither the administrator, nor a representative of this Plan. QDRO.com provides this information merely as a courtesy and makes no warranties as to the current status or accuracy of these descriptions.
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