Message Boards Digest

May 25, 2022

Here are the most recently added topics on the BenefitsLink Message Boards:

Jakyasar created a topic in Retirement Plans in General

Top Heavy vs. Gateway in a Combo Plan

"Testing 2 plans together for all. DB and 401k/NESH/PS plans. Top heavy provided under DC plan only. All participants benefit under both plans. Key employee is getting 0.5% accrual in the DB and 3% allocation of NESH (plus full deferral), no additional PS for the key. Combined gateway minimum is 4% (including 3% NESH). What must I provide to all non-HCE's as additional PS allocation -- 1%, or 2%? My vote is 2% but just wanting to check."

6 replies so far   |    Click Here to Add a Reply

bzorc created a topic in 403(b) Plans, Accounts or Annuities

School Principal Gets Top 403(b) Contribution Pursuant to Employment Contract

"A Non-ERISA 403(b) for a private high school provides a 'Profit Sharing' contribution based on the following:

0-9 years of service -- 6% of gross salary

10-14 years of service -- 7% of gross salary

15+ years of service -- 8% of gross salary

However, the principal of the school, no matter how many years of service that they have, receives an 8% of gross salary contribution; this is written into the contract of the principal. The principal by definition is an HCE, and at this point, the principal has less than 9 years of service, and, per the document, should be receiving a 6% allocation, save for the provision in the contract.

Our firm, which is the auditor of this plan, is concerned that the higher percentage given to the HCE principal is a discriminatory allocation, and the 2% over the document prescribed allocation should be forfeited."

3 replies so far   |    Click Here to Add a Reply

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