K-1 with no earnings from SE but includes W2 compensation

I received a Schedule K-1 (form 1120S) for the owner and sole employee of a corporation. This K-1 includes no box 14a. It does however include box 17 code W, which has an amount of $50k. I'm waiting on a response from the client as to when exactly during the year he earned this W2 compensation of $50k as you normally shouldn't receive both K1 and W2 income. But at the risk of asking a dumb question, would this mean that the only compensation that would be taken into consideration for plan purposes would be the $50k in box 17W (plan’s definition of comp is W2)?

I would get a copy of the W-2 or payroll reports for W-2 compensation. 
The profits / losses from the corporation have NO bearing on earned income. The earned income would be the payroll compensation. Does the plan document have a w-2 definition of compensation? 
If the individual had allowable earned income as a self-employed individual I would have expected a K-1 Schedule 1065, NOT 1120S. 

Corporation or taxed as a corporation --> Owners earned income is usually W-2, the same basis as any other employee. 

Ignore the k-1.  If there is no compensation reportable on a W-2 there is no pension-eligible compensation.  Maybe the corporation needs to re-do all of its tax reporting, but you don't know that yet. 

1120S is a sub-S return, so it appears this is a sub-S corp in which case only the owner's W-2 compensation is considered and any profit/loss pass-through on the K-1 is irrelevant to his compensation.

Thank you. I completely forgot that this was a S corp. That's what I get for trying to do too many things at once...