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Situation: Company wants a 401(k) plan for long service employees that favor key people. This could either be the company's first plan or the replacement of a defined benefit plan. Solution: In addition to the usual employee 401(k) contribution and the related match, a discretionary contribution will provide for adequate benefits and a "kicker" for key individuals. For a terminated defined benefit the rollover money is factored toward benefit adequacy. Plan Type: 401(k) with Discretionary New Comparability Profit Sharing. |
Design Strategies
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Information is provided for review and consideration only. Please consult legal and tax advisors for practical advice pertaining to your business and personal situations. This page was last updated on Wednesday, January 02, 2008 11:23 AM |
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