Control Group Question

[Guest Don J. Smith]

Man owns two Companies. Has an EE that works at both and is paid from both companies and defers from both pay check. They have a 401(k) document that that covers both companies under control group. They invest at Kemper. The question is, does each company have to have a separate account at kemper? Does this Participant need to keep each ER's amounts sepatrate? Or can they comingle the money for the participant since it is the same plan document? The plan name is XYZ INC 401(K)which covers both co's, even though the part works and recieves checks from both XYZ, INC and ABC, INC.

[Guest Hans Moleman]

One plan, one account is all that's needed.

[RCK]

I agree with Hans. The only reason for more detail at all is that XYZ and ABC will probably want to split his contribution between them for internal accounting purposes.

RCK

[david rigby]

Agree. But I would suggest 2 accounts to give flexibility on differing match amounts, even if there is no difference now.