BillAsay Posted October 25, 2007 Posted October 25, 2007 I attended a benefits seminar yesterday and one of the sessions that I attended dealt with section 125 plans. The facilitator said that if a person owns 2% or more in a Sub-S corp they were prohibited from participating in the plan. As a recent owner of more that 2% of our corporation and a current participant in our plan, I was caught off guard. I wasn't able to get to the facilitator and question her before she left. Was the facilitator correct or did I misunderstand her. If she was correct, what can be done at this stage?
QDROphile Posted October 25, 2007 Posted October 25, 2007 Information is correct. For this year, amounts are includable in compensation that you did not expect. You should seek advice about what to do for past years. You should ask for an explanation from whoever sold you the 125 plan.
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