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How to Handle Retirement Plan Missing Participants

How to Handle Retirement Plan Missing Participants

Companies that offer a qualified retirement plan (a defined contribution or defined benefit plan) must often deal with the challenge of finding a missing participant. This happens when former employees do not provide current contact information, are no longer actively...

Case Study: How Adding a New Comparability Profit Sharing Component to an Existing 401(k) Plan Minimized Taxes and Maximized Retirement Savings for a Small Business

Case Study: How Adding a New Comparability Profit Sharing Component to an Existing 401(k) Plan Minimized Taxes and Maximized Retirement Savings for a Small Business

A veterinarian in upstate New York has been running a successful practice for 10 years. The company is a C-corporation, co-owned by a husband and wife in their 40s who are on W-2 salary, as are five additional employees in their late 20s. The business had an existing safe harbor 401(k) plan, administered by a payroll provider, that provided a contribution of 3% of pay to its employees.