Profit Sharing Plans
| |
Profit Sharing
Plans (Including Age Weighted & Comparability "Cross-Tested" Plans) |
| Limit on the # of
Employees Within the Company |
No limits |
| Employee Salary
Deferral Contributions |
Not Allowed |
Maximum
Eligibility Requirements
Age
Service
(Yr of Service Requirement) |
21
0 to 2 yrs
(1000 hours) |
| Mandatory
Employer Contributions Required |
No |
| Employer Matching
Contributions |
Not available |
| Employer Elective
or Nonelective Contributions |
Discretionary (0 to
25% of
total EE compensation up to $44,000 (2006) |
| Loan Provisions |
Yes |
| Hardship Withdrawal
Provisions |
No |
In-Service Distributions
Before age 59 ½
After age 59 ½ |
Yes – not required
Yes – not required |
| 100 % Vesting Required? |
No |
| 5500 Tax Filings &
Summary Annual Reports Required |
Yes |
| ADP Testing Required |
No |
| Maximum Company Tax Deduction |
Amount not to exceed 25% of comp. |
| Top Heavy
Contributions Required (if Plan is Top Heavy) |
Up to 3% of non-key
employees compensation |
| Calendar Plan Year Required |
No |
| IRS Section 415 Limit |
Lesser of 100% of compensation or $44,000
(2006) |
