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401(k) and SEP plans existing together

Guest TracyAndrews

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Guest TracyAndrews

Can an LLC have both a SEP and a regular 401(k) plan peacefully coexist? There is only the owner eligible for the SEP contribution (relatively new company), and the 401(k) has lots of participants. He was only able to defer about 3000 in 2000 due to ADP restrictions. He would like to make up the balance in the SEP. Is this ok? He wants to kill the SEP plan next year before any participants become too close to becoming eligible for a contribution. Something sounds fishy but I'm not sure what.

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