Posted 02 December 2002 - 10:58 AM
Here's why I ask:
We have an employer with a profit sharing plan. Among their eligible employees is a person who owns his own business. In addition to the generous profit sharing contribution he will receive from his employer, this employee/business-owner would like to create for himself a uni 401(k)/mini 401(k) (a one-person, business-owner retirement plan).
He is eligible to receive a hefty profit sharing contribution from his employer. He is aware that he cannot defer in excess of the 402(g) limit for any given year, but is wondering if it is permissible to receive, in combination between his employer's plan and a uni/mini-401(k), in excess of $40,000 in profit sharing contributions (or whatever limit applies for a given year).
I have done some web searches and can't find anything that specifically addresses such a situation.
Thanks for guidance!
Posted 02 December 2002 - 11:07 AM
Posted 02 December 2002 - 01:18 PM
Posted 02 December 2002 - 03:04 PM
Posted 04 December 2002 - 04:20 PM
If the employee worked for two employers in this plan would the employee have two 415 limits?