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401K
Benefits & Compensation
401K
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
Does anyone have 401K program which includes profit sharing/bonus? If so, could you share how it works? Thanks in advance.
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Forums » Topic Forums » Benefits & Compensation » 401K
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401K
posted at 9/20/1999 9:59 PM EDT
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Posts: 2
First: 9/20/1999 Last: 9/20/1999 |
We administer tons of them.
Typically the way they work is that the employer sends us census information and an indication of what their goals are for the year. We prepare a sample allocation based on that information. Sometimes this is done before the fiscal year is over, for planning purposes, but more often it is done after the year ends. It is not atypical for us to run various sample illustrations to assist the employer in determining the right contribution. Optional profit sharing contributions can be allocated in a wide variety of ways, including:proportional to compensation, integrated with social security, age weighted, or allocated differently by groups. In the latter, the groups may be defined by geographic location, division, job function, HCE status, profitablity and what have you. Hope this helps...kcb |
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