The Illinois Polaris 401(k) Retirement Savings Plan Trust Agreement is a legally binding agreement between Polaris Industries, Inc. and Fidelity Management Trust Co. This agreement establishes a trust for the purpose of overseeing the funds associated with Polaris Industries' 401(k) retirement savings plan for employees in the state of Illinois. The trust agreement outlines the terms and conditions under which the trust will operate, ensuring that the assets of the retirement plan are managed and protected in accordance with the applicable laws and regulations. The Illinois Polaris 401(k) Retirement Savings Plan Trust Agreement provides a framework for the establishment and administration of the trust. It outlines the roles and responsibilities of both Polaris Industries, Inc. and Fidelity Management Trust Co. in managing the plan's funds. The agreement includes provisions such as the appointment of trustees, the investment and distribution of assets, the calculation and remittance of contributions, and the provision of participant benefits. Keywords: Illinois Polaris 401(k) Retirement Savings Plan Trust Agreement, Polaris Industries, Inc., Fidelity Management Trust Co., establishment of trust, retirement savings plan, assets, trustees, investment, distribution, contributions, participant benefits. In addition to the main Illinois Polaris 401(k) Retirement Savings Plan Trust Agreement, there may be variations or additional agreements that fall under the same umbrella, such as: 1. Illinois Polaris 401(k) Retirement Savings Plan Trust Amendment Agreement: This agreement is designed to modify or amend certain provisions of the original trust agreement. It may address changes in the plan's investment options, contribution limits, or other terms and conditions. 2. Illinois Polaris 401(k) Retirement Savings Plan Trust Termination Agreement: If Polaris Industries, Inc. decides to terminate the retirement plan, a termination agreement may be drafted to outline the procedures and obligations regarding the distribution of remaining assets to participants. 3. Illinois Polaris 401(k) Retirement Savings Plan Trust Investment Management Agreement: This agreement specifically addresses the management of the plan's investments. It establishes guidelines and expectations for investment strategies, risk management, and reporting requirements between the plan sponsor (Polaris Industries, Inc.) and the investment manager (Fidelity Management Trust Co.). 4. Illinois Polaris 401(k) Retirement Savings Plan Trust Service Provider Agreement: This agreement outlines the services to be provided by Fidelity Management Trust Co., such as record-keeping, administrative support, and communication with plan participants. It sets forth the responsibilities and compensation arrangements between the two parties. These additional agreements, when applicable, further clarify and support the establishment and ongoing management of the Illinois Polaris 401(k) Retirement Savings Plan Trust, ensuring compliance with regulatory requirements and the best interests of the plan participants.
Illinois Polaris 401(k) Retirement Savings Plan Trust Agreement between Polaris Industries, Inc. and Fidelity Management Trust Co. regarding establishment of trust
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How to fill out Illinois Polaris 401(k) Retirement Savings Plan Trust Agreement Between Polaris Industries, Inc. And Fidelity Management Trust Co. Regarding Establishment Of Trust?
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Withdrawals Also you may be eligible for a distribution if you have a financial hardship as defined by your plan. Withdrawals may be subject to income taxes and, if they occur prior to you becoming age 59½, a 10% early withdrawal tax penalty.
A Retirement Plan Trust is a trust that acts as a shield or barrier to insulate the principal of your qualified retirement accounts such as an IRA or 401K from the trust beneficiary's creditors, a bankruptcy, a lawsuit, or a divorcing spouse after they inherit the accounts from you.
If you are under age 59½, your earnings may be subject to the 10% early withdrawal penalty. If you are over age 59½, you may withdraw before-tax funds (excluding your TVA matching funds) from the 401(k) Plan. You will not pay an early withdrawal penalty; however, your distribution will be taxed as ordinary income.
The IRS allows penalty-free withdrawals from retirement accounts after age 59½ and requires withdrawals after age 72. (These are called required minimum distributions, or RMDs). There are some exceptions to these rules for 401(k) plans and other qualified plans.
Go to Fidelity.com or call 800-343-3548. Use this form to request a one-time withdrawal from a Fidelity Self-Employed 401(k), Profit Sharing, or Money Purchase Plan account. Possible requests include a one-time, immediate distribution; a qualified or direct conversion to a Roth IRA; or a direct rollover.
Trust Agreement The trustee essentially has legal title to the plan assets. The plan's assets are protected from the creditors of the Plan Sponsor. As such, if the employer was to become financially insolvent, the assets would be available to the plan participants and their beneficiaries.
Hardship withdrawals may require documentation and plan sponsor approval. For most other types of distributions (such as cash or roll- over) find the appropriate forms at fidelity.com/atwork.
You may be able to avoid the 10% tax penalty if your withdrawal falls under certain exceptions. The most common exceptions are: A first-time home purchase (up to $10,000) A birth or adoption expense (up to $5,000)