Going Higher Construction sponsors a 401(k) profit sharing plan. In the current year, Going Higher Construction contributed 25% of each employees' compensation to the profit sharing plan. The ADP of the 401(k) plan for the NHC was 3.5%. If Bob, age 57, earns $100,000 and is a 6% owner, what is the maximum amount that he may defer into the 401(k) plan for 2015?
a. $5,500
b. $11,500
c. $18,000
d, $24,000
Which of the following vesting schedules may a top-heavy qualified profit sharing plan use?
a. 1 to 5 year graduated
b. 5-year cliff
c. 3 to 7 year graduated
d. 4 to 8 year graduated
Each of the following are requirements imposed by law on qualified tax-advantaged retirement plans EXCEPT:
a. Plan documentation
b. Employee vesting
c. Selective employee participation
d. Employee communications