Guest chris4013 Posted December 16, 2003 Posted December 16, 2003 Suppose GroupA is to receive a 40k ps allocation. Joe Smith, a partner is group A doesn't want to reduce his income for the contribution, so he elects $0, or 20k. Can a partner in Group a elect a different amount?
Blinky the 3-eyed Fish Posted December 17, 2003 Posted December 17, 2003 If the right to the allocation has not been earned you could always amend the plan to alter the design of the groups. "What's in the big salad?" "Big lettuce, big carrots, tomatoes like volleyballs."
Guest chris4013 Posted December 23, 2003 Posted December 23, 2003 I didn't think this was possible, I just had a sales guy tell them it was. But could we amend the rate groups to say the following: Group A - Partners that elect to receive a 40k allocation B - 30k C - 20k D - 10k E - 0?
AndyH Posted December 24, 2003 Posted December 24, 2003 No, not overtly. An election is a cash or deferred arrangement (i.e. 401(k) plan) being offered only to partners. But, Chris, I'll bet this is done covertly by some, but do so at your own peril.
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