415 limit for profit sharing plan with 3/31/2005 year end

[Lynn Campbell]

Am I correct in that the maximum for this plan is $42,000? Thank you for your input.

[wmyer]

Assuming it's a 12 month year, max is lesser of $42,000 or 100%, plus catch-up if applicable.

[Lori Friedman]

The short answer: Yes.

The long answer: First, you'll need to review the plan document and find out if the limitation year is the same as the plan year. The plan's limitation year determines the amount of the dollar limit. Second, the COLA-adjusted limit is set for an entire calendar year and applies to limitation years that end during the calendar year [Reg. Sec. 1.415-6(a)(2)]. For a limitation year ending on 31/31/05, the ceiling is $42,000.

[Guest ritchie]

year ending on 31/31/05

Reminded me of one of my favorite exercise sing-a-longs,

In the year 2525

If man is still alive

If woman can survive

They may find........

In the year 3535

Ain't gonna need to tell the truth, tell no lies

Everything you think, do, or say

Is in the pill you took today

In the year 4545

Ain't gonna need your teeth, won't need your eyes

You won't find a thing to chew

Nobody's gonna look at you

In the year 5555

Your arms are hanging limp at your sides

Your legs got nothing to do

Some machine, doing that for you

In the year 6565

Ain't gonna need no husband, won't need no wife

You'll pick your son, pick your daughter too

From the bottom of a long glass tube

In the year 7510

If God's a comin' he ought to make it by then

Maybe he'll look around himself and say

``Guess it's time for the Judgement day''

In the year 8510

God's gonna shake his mighty head

He'll either say ``I'm pleased where man has been''

Or tear it down and start again

In the year 9595

I'm kinda wondering if man's gonna be alive

He's taken everything this old earth can give

And he ain't put back nothing...

Now it's been 10,000 years

Man has cried a billion tears

For what he never knew

Now man's reign is through

But through the eternal night

The twinkling of starlight

So very far away

Maybe it's only yesterday...

In the year 2525

If man is still alive

If woman can survive

They may find.......

Written by Richard Evans

Produced by Denny Zager and Richard Evans

[Lori Friedman]

Ritchie, I think you were smiling when you wrote that. You go, girl!

[Guest ritchie]

You like that one, Lori? Sometimes I sing it when I'm done with "DreamWeaver".

[Lori Friedman]

Don't you often sing along with "The Joker" by the Steve Miller Band? You know the one: "Some people call me the space cowboy, yeah..."