Warranties as to the current status or accuracy of these descriptions. SimpleQDRO provides this information merely as a courtesy and makes no SimpleQDRO is neither the administrator, nor a SimpleQDRO makes no representations as to accuracy of these The terms of a specific plan may have changed since the most recentlyĪvailable tax filing, and as a result, these descriptions and features may not beĬurrent. The information provided on this page is based upon the most recent Plan tax filingsĪvailable. Specific terms and options for the specific Plan in question. Review the applicable Summary Plan Description for a detailed description of the The Plan features and descriptions presented are provided only as examples andĭescriptions a particular type of plan. For this purpose, a “cash balance” formula is a benefit formula in a defined benefit plan by whatever name (for example, personal account plan, pension equity plan, life cycle plan, cash account plan, etc.) that rather than, or in addition to, expressing the accrued benefit as a life annuity commencing at normal retirement age, defines benefits for each employee in terms more common to a defined contribution plan such as a “single sum distribution amount” (for example, 10 percent of final average pay times years of service, or the amount of the employee’s hypothetical account balance). This Plan is in the nature of a “Cash Balance” or similar plan, meaning that the Plan has a “cash balance” formula for determining benefits. please call the CA Department of Insurance at (916) 492-3657.Benefits accrued under this Plan are primarily pay related.Features of the EMC NATIONAL LIFE COMPANY EMPLOYEES CASH BALANCE PLAN may include: Rather, the Alternate Payee’s award is typically made in terms of a monthly benefit payable for either the lifetime of the Participant (a 'shared payment') or the Alternate Payee (a 'separate interest'). With this type of plan, the Alternate Payee is usually not awarded a lump sum cash payment from the Plan. Benefits accumulated under this type of plan are often referred to as 'accrued benefits'. It operates as an affiliate of EMC Insurance Companies (EMC). Established in 1962, the company provides life insurance products for the individual and workplace markets. Benefits are generally payable to the participant upon reaching 'normal retirement age' for the remainder of the Participant's lifetime. EMC National Life Company (EMCNL) is an insurance company based in Des Moines, Iowa. Benefits paid at the time of retirement are typically calculated using a formula based upon years of credited service and compensation information. This type of plan generally provides participants with a monthly retirement benefit upon reaching a specific age and may be adjusted for early retirement. EMC NATIONAL LIFE COMPANY EMPLOYEES CASH BALANCE PLAN is a DEFINED BENEFIT PLAN.

Emc national life