Compliance Analyst - 401(k) Administration Ubiquity Retirement + Savings
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Sr. Retirement Plan Administrator Tycor Benefit Administrators, Inc.
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United Benefit Pensions Inc.
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Retirement, LLC
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Senior Defined Contribution Account Manager Nova 401(k) Associates
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Manager - Defined Contribution Plans M2B Retirement Consulting LLC
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Junior Implementation Specialist - 401(k) Administration Ubiquity Retirement + Savings
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Sentinel Benefits & Financial Group
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Retirement, LLC
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Site Manager / Senior Administrator Nicholas Pension Consultants
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MGKS
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Nicholas Pension Consultants
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NFL Player Benefit Office
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Defined Benefit Plan Consultant Sentinel Benefits & Financial Group
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Hessel & Associates, LLC
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Aimpoint Pension
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Question 141: Mr. X owns 50% of each of two partnerships. The other 50% of partnership 1 is owned by Ms. Y, while Mr. Z owns the other 50% of partnership 2. Are the partnerships under common control? If not, and both companies have a profit sharing plan, does Mr. X have a separate annual addition limit in each plan? Or are the plans aggregated relative to annual additions under the "owner-employee" rules? |
Answer: No. Yes. No. But perhaps I should elaborate. |
Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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