Guest Jim Brennan Posted November 12, 1998 Posted November 12, 1998 Due to a court settlement EE will receive W-2 showing gross income of $55,000 for 1998. As part of the settlement EE resigned effective 12/31/97. Is he in the SEP for '98 because of the W-2 or is he out because he performed no hours of service in '98?
Gary Lesser Posted November 13, 1998 Posted November 13, 1998 Interesting question. Could you elaborate on the settlement, what happened, when, and so on? A SEP is not dependant on hours of service (but rather on the performance of services). Can we assume that the e/ee was once a participant? In 1997? Was any service performed during 1998 even though the effective date was 12/31/97? How is compensation defined in the document?
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