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Showing results for tags 'catch up'.
Found 2 results
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Question about off calendar plan year and catch up. Little different twist than the usual how much question. Plan year end 9/30/2017. HCE employee turns 50 in 2017. Employee is on pace to defer 24,000 in calendar year 2017. The catch up money would be in the 10/1/2017 to 12/31/2017 time frame. I am calculating a cross tested contribution for the 9/30/2017. The employee would not get the benefit of the 6,000 catch up at the plan year 2016 (9/30/2017 PYE) time frame would he? Or to say another way, does the employee get the catch up benefit for 2017 at the 9/30/2018 PYE? I need some clarification because I want to get this right at the get go.
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I have a 401k plan. The owners do not contribute. Is their profit sharing amount for the owners who are 50 and over limited to $53,000 or can they add the catch up amount to that?
