Fred Payne Posted July 12, 2001 Posted July 12, 2001 When calculating the 15% deduction limit for a PS plan in 2001, can I include the full-year comp of a new participant who enters the Plan on July 1, 2001? The Plan will only recognize this participant's comp from July 1, 2001 on for purposes of allocation of a benefit.
Guest James Osterhaus Posted July 12, 2001 Posted July 12, 2001 Check the plan doc. It should state in there whether you can use the full year comp. or If you have to use the entry date as a participant.
wmyer Posted July 12, 2001 Posted July 12, 2001 This shouldn't be a plan document issue. Yes, you can use full year compensation even for a partial-year participant for the deductibility limit. W Myer
Fred Payne Posted July 12, 2001 Author Posted July 12, 2001 Thank you for the benefit of your experiences.
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