SundanceKid Posted December 15, 2023 Posted December 15, 2023 Do I need to withhold 401k contributions on a retention bonus after the employee terminates? The bonus is for staying until the sale was complete. The agreement states that we have 2 weeks to pay the bonus after the close of the sale (close of the sale= termination date in payroll).
CuseFan Posted December 15, 2023 Posted December 15, 2023 What is definition of plan compensation? I assume some standard definition and bonuses are not excluded, so then you need to look at whether post severance compensation is excluded or not and there's your answer. Or as Bill Engvall would say, "Here's your sign." Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now