Transcription of Chapter 3 Compensation - IRS tax forms
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Chapter 3 Compensation - IRS tax forms
Chapter 3- Compensation Page 3-1 Compensation Chapter 3 Compensation By Christopher J. Connors, Michelle L. Owen, &Laura A. Schaefer Reviewers: Patricia F. Philips (Pittsburgh) & Mark C. Retta (Cincinnati) INTERNAL REVENUE SERVICE TAX EXEMPT AND GOVERNMENT ENTITIES Overview Introduction Often when the word Compensation is spoken, a vision of dollar signs flash inside your head and a smile creeps onto your face. There are not many things that could create this effect with just a simple word. You would think that this word presents a simple idea, but just the opposite is true. The term Compensation plays a significant role in retirement plan development. The definition of Compensation in retirement plans could be the difference between getting a hundred dollars more in your employer contribution, allowing you to contribute more to your 401(k) arrangement, or increasing the opportunity for growth with your retirement funds. Important areas where Compensation is used within a plan document include top-heavy minimum contributions, the limitations under section 415, highly compensated employees, key employees, leased employees, allocations of plan contributions, nondiscrimination testing and deductions.
• elective contributions to a Section 457(b) eligible deferred compensation plan or to a cafeteria plan (Section 125 plan), and • elective deferrals as described under IRC Section 402(g)(3). This includes elective deferrals to a 401(k) plan, a Section 403(b) tax shelter annuity plan, a SIMPLE IRA, or a SARSEP, including catch-up contributions
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