501(c)7 Social Club

[Guest Bizitchie]

What types of Retirement Plans are available to 501©7 Social Clubs?

[Don Levit]

I am not too familiar with social clubs.

I just read an article published by the IRS which seems to suggest that retirement plans are not part of their exempt purpose.

Go to:

http://www.irs.gov/pub/irs-tege/eotopicc96.pdf

Don Levit

[masteff]

I am not too familiar with social clubs.

I just read an article published by the IRS which seems to suggest that retirement plans are not part of their exempt purpose.

Go to:

http://www.irs.gov/pub/irs-tege/eotopicc96.pdf

Don Levit

Don,

A search in that document doesn't find the word "retirement" anywhere. Could you expand on what page/section brought you to your position?

[Don Levit]

masteff:

You may want to read the first several pages.

Page 1 is pretty informative.

Don Levit

[jpod]

A 501c7 social club can have any kind of Section 401a plan for its employees (e.g., profit sharing, 401k, defined benefit pension). It can have a simple IRA (if it's small enough) or a SEP. It cannot have a 403b program.

If you're asking us what type of plan(s) do these clubs (e.g., golf/country clubs) usually have, my guess would be NONE. Rate of turnover is too high and the employees aren't interested.