401(k)athryn Posted September 1, 2020 Report Share Posted September 1, 2020 415(c)(7) says that an employer can make a contribution above the 415 limit (100% of pay or $57,000) as long as it does not exceed $10,000 more than said limit. This special election can be made each year, but the total overall amount used under 415(c)(7) cannot exceed $40,000. Questions: 1) This is not written into the church plan document that we use and the document provider indicates that it is simply an employer election. It seems to me as though it should be referenced in the document. Do you all agree that it is simply an administrative election to exceed the document specified 415 election for a given year? 2) Is the $40,000 cap on this limit based upon the participant's entire time working in the religious order, as opposed to just with the church sponsoring the plan? Seems very difficult (impossible) to track if it is a limit applying to all years in the religious order. Thanks! Link to comment Share on other sites More sharing options...
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