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Timing of Partners' Deferral Elections
FIS Relius Link to more items from this source
[Guidance Overview]
Jan. 6, 2014
"Because of the special nature of partnerships, plan sponsors and practitioners often misunderstand and misapply the rules regarding the timing of the partners' deferral elections.... A sole proprietor's compensation is currently available on the last day of the sole proprietor's taxable year. A self-employed individual may not make a 401(k) deferral election after the last day of the partnership's or proprietor's taxable year.... This time frame relates to the timing of the owner's 'salary reduction' election, not necessarily the timing of the employer's actual contribution of elective contributions to the plan."

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