austin3515 Posted January 3, 2003 Posted January 3, 2003 Two Plans, one Profit Sharing, one Target Benefit. The Plans are top heavy as aggregated. They cover the same employees. PS recently changed eligibility to 6 months, but left Target Benefit at one year. Is there any funky exception to the 3% contribution if one of the Plans is subject to the minimum funding requirements? Thanks, Austin Powers, CPA, QPA, ERPA
Guest greggi39 Posted January 3, 2003 Posted January 3, 2003 i don't think there is any exception for p/s and mp dual plans. and the mpp is subject to 412.
Tom Poje Posted January 3, 2003 Posted January 3, 2003 on the other hand, suppose your document says the top-heavy is provided in the target plan. Bob has only worked 6 months and is only in the ps plan. now what? he has to get the minimum, but he can't. lets be careful out there!
austin3515 Posted January 5, 2003 Author Posted January 5, 2003 It does say that! That was actually why I had the question in the first place. Actually, I think its worded such that the top heavy is made to the Plan covered by 412 to the extent that each participant is covered... We sent an email to the client to make sure it was addressed... Thanks! Austin Powers, CPA, QPA, ERPA
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now