Key employee definition for nondiscrimination testing

[Guest PamelaW]

In order to be considered a Key employee for the purposes of Section 125 nondiscrimination testing, does an employee need to meet ALL FOUR or ONLY ONE of the following criteria:

1. Officer of the employer . . .

2. >5% owner . . .

3. >1% owner w/annl comp >$150,000 . . .

4. one of the top-ten employee-owners. . .

[Guest msearle]

It's my understanding that it's OR not AND, so if only one of the qualifications are applicable the person is classified as Key. See IRC 416(i)(1)(A)(iii)