Wisconsin Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan

• Category: Corporations - Public - Agreements - Transfers
• State: Multi-State
• Control #: US-EG-9312
• Format: Word; Rich Text

Description

Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan between Semiconductor Components Industries, LLC and Motorola, Inc. regarding benefit pension plan meeting requirements of the Internal Revenue Service dated May 10, 1999. 6 pages. The Wisconsin Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan is a contractual agreement that outlines the process and terms for transferring retirement benefits from the Motorola, Inc. Pension Plan to the Wisconsin Retirement Plan (WRAP). This agreement is designed to provide Motorola employees an option to transfer their pension benefits from the Motorola plan to the WRAP, which is managed by the State of Wisconsin. The transfer is subject to specific rules and regulations set forth by both plans, ensuring a smooth transition of retirement assets. By transferring their pension benefits to the WRAP, employees can take advantage of the benefits offered by the state-administered retirement system. The WRAP provides secure and reliable pension benefits, with various investment options and retirement income strategies. There are different types of Wisconsin Retirement Plan Transfer Agreements available for the Motorola, Inc. Pension Plan participants. These include: 1. Full Transfer Agreement: This type of transfer agreement allows employees to transfer their entire vested pension balance from the Motorola plan to the WRAP. By doing so, employees fully exit the Motorola plan and become active participants in the WRAP. 2. Partial Transfer Agreement: In some cases, employees may choose to transfer only a portion of their vested pension balance to the WRAP while leaving the remaining balance in the Motorola plan. This type of transfer agreement allows for a flexible approach, where individuals can diversify their retirement savings between the two plans. 3. Lump-Sum Transfer Agreement: This agreement allows employees to transfer their pension benefits as a lump-sum payment from the Motorola plan to the WRAP. Instead of receiving monthly pension payments, individuals receive a one-time payment, which can be invested or utilized for immediate retirement needs. 4. Annuity Transfer Agreement: This type of transfer agreement enables employees to transfer their pension benefits to the WRAP, where they will receive regular annuity payments throughout their retirement. This option provides a predictable stream of income, ensuring long-term financial security. It is important for Motorola employees to thoroughly review the terms and conditions of the Wisconsin Retirement Plan Transfer Agreement before making a decision. They should consider factors such as investment options, survivor benefits, and the potential impact on their overall retirement strategy. In conclusion, the Wisconsin Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan offers employees the opportunity to transfer their pension benefits to the state-administered WRAP. With various types of transfer agreements available, individuals can customize their retirement strategy to meet their specific needs and goals.

The Wisconsin Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan is a contractual agreement that outlines the process and terms for transferring retirement benefits from the Motorola, Inc. Pension Plan to the Wisconsin Retirement Plan (WRAP). This agreement is designed to provide Motorola employees an option to transfer their pension benefits from the Motorola plan to the WRAP, which is managed by the State of Wisconsin. The transfer is subject to specific rules and regulations set forth by both plans, ensuring a smooth transition of retirement assets. By transferring their pension benefits to the WRAP, employees can take advantage of the benefits offered by the state-administered retirement system. The WRAP provides secure and reliable pension benefits, with various investment options and retirement income strategies. There are different types of Wisconsin Retirement Plan Transfer Agreements available for the Motorola, Inc. Pension Plan participants. These include: 1. Full Transfer Agreement: This type of transfer agreement allows employees to transfer their entire vested pension balance from the Motorola plan to the WRAP. By doing so, employees fully exit the Motorola plan and become active participants in the WRAP. 2. Partial Transfer Agreement: In some cases, employees may choose to transfer only a portion of their vested pension balance to the WRAP while leaving the remaining balance in the Motorola plan. This type of transfer agreement allows for a flexible approach, where individuals can diversify their retirement savings between the two plans. 3. Lump-Sum Transfer Agreement: This agreement allows employees to transfer their pension benefits as a lump-sum payment from the Motorola plan to the WRAP. Instead of receiving monthly pension payments, individuals receive a one-time payment, which can be invested or utilized for immediate retirement needs. 4. Annuity Transfer Agreement: This type of transfer agreement enables employees to transfer their pension benefits to the WRAP, where they will receive regular annuity payments throughout their retirement. This option provides a predictable stream of income, ensuring long-term financial security. It is important for Motorola employees to thoroughly review the terms and conditions of the Wisconsin Retirement Plan Transfer Agreement before making a decision. They should consider factors such as investment options, survivor benefits, and the potential impact on their overall retirement strategy. In conclusion, the Wisconsin Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan offers employees the opportunity to transfer their pension benefits to the state-administered WRAP. With various types of transfer agreements available, individuals can customize their retirement strategy to meet their specific needs and goals.