cpc0506 Posted October 23, 2020 Posted October 23, 2020 We have a new client who has come to us to establish a 401(k) plan. The entity is a Community Land Trust. I have not encountered this type of entity before. Can they establish a plan? Thanks in advance for your input.
Belgarath Posted October 23, 2020 Posted October 23, 2020 So, is it a 501(c)(3) organization, or some governmental entity, or something else? I'm guessing it is a 501(c)(3), but obviously I don't know. If so, they should be able to establish a 401(k) plan. But your first step is to confirm the entity type. Your plan options will flow from that.
Luke Bailey Posted October 23, 2020 Posted October 23, 2020 If they pay people and report the payments on a W-2, there an employer, and so can have some sort of plan. Luke Bailey Senior Counsel Clark Hill PLC 214-651-4572 (O) | LBailey@clarkhill.com 2600 Dallas Parkway Suite 600 Frisco, TX 75034
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