Alternative Means To Satisfy The Non-discrimination Requirement Imposed by the Internal Revenue Code On 401(k) Plans
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Overview: Any employer who maintains a qualified 401(k) plan knows that the plan is an important tool for retaining employees and provides extraordinary tax benefits to the employer and the employee. The employer receives a current deduction for amounts it contributes to the plan and the employee can elect to defer income by contributing "pre-tax" dollars to it. The assets grow inside the plan tax-free, and the employee does not recognize income until he or she actually receives distributions from the plan. In exchange for these tax benefits, the Internal Revenue Code imposes certain limitations on qualified plans. One of these limitations is a nondiscrimination requirement.
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Format: HTML | Date: Sep 2003 | Pages: 1
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