Do you have a top heavy 401k plan?

A 401k plan is determined to be top heavy if the sum of all key employee account balances exceeds 60% of the total balances in the plan as of the last day of the prior plan year. That means the determination is forward looking and affects the upcoming year. For example, if you have just …

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Key Person

We often think of key people with admiration. If it weren’t for them, your business certainly wouldn’t be what it is today. First, what is a key person? A key person is someone, who if they resigned, died, or became disabled, could not be readily replaced and the loss would negatively affect your business. While many …

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