Michele F
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That was my understanding as well. Thank you for clarifying.
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The 401K plan was adopted for the plan year starting in 2024. It did not pass the ADP testing. If they adopt the 4% safe harbor contribution now, do they still need to make a top-heavy contribution to the plan? Only 2 of 3 owners made salary deferrals, and 1 of 4 rank-in-file employees made a salary deferral. I cannot find a definitive answer, and was hoping to see what others are doing in this situation. FYI... I did not set this plan up, and it is a possible takeover plan.