TIMEX GROUP USA, INC. PENSION PLAN FOR SALARIED EMPLOYEES
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This page contains information about the

TIMEX GROUP USA, INC. PENSION PLAN FOR SALARIED EMPLOYEES

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
TIMEX GROUP USA, INC.
555 CHRISTIAN RD.
MIDDLEBURY, connecticut 06762
203-346-5000
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Plan Name
TIMEX GROUP USA, INC. PENSION PLAN FOR SALARIED EMPLOYEES
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Plan Administrator
DAVID PAYNE
555 CHRISTIAN RD.
MIDDLEBURY, connecticut 06762
203-346-5000
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TIMEX GROUP USA, INC. PENSION PLAN FOR SALARIED EMPLOYEES is located in New Haven County in MIDDLEBURY, CT. If you need a QDRO in New Haven County or MIDDLEBURY, CT just know that QDRO.com drafts QDROs for customers in all 50 states.
TIMEX GROUP USA, INC. PENSION PLAN FOR SALARIED EMPLOYEES 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 TIMEX GROUP USA, INC. PENSION PLAN FOR SALARIED EMPLOYEES 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 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.
  • This Plan permits Participants to direct the investment of his or her retirement accounts.
  • 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. 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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