Compensation Mid Term - 2094 Words

Name: Yunjia Zhang Syms School of Business Tax 6145 Deferred Compensation and Employee Benefits Fall 2014 Midterm Fill-in 2 pts each 1. The qualification requirements are intended to prevent discrimination in favor of highly compensated employees, 2. The age and service requirements require that an eligible employee participates in the plan no later than the attainment of age____21______ and_____2 year(s) of service. 3. A contribution to a qualified retirement plan (â€Å"QRP†) is income tax deductible if it is made no later than __due of tax return(April 15th) OR 60 extension days___________. 4. Under the dual entry method of plan participation, a QRP’s entry dates are usually the first day of the first plan year†¦show more content†¦With a profit-sharing plan, total contributions cannot exceed the lesser of $50,000 or just 25 percent of your salary. b. List 4 distinctions between a defined benefit plan and a defined contribution plan. A defined benefit plan identifies 1. the specific benefit that will be payable to you at retirement. 2. Your basic retirement benefit is usually based on a formula that takes into account factors like the number of years a participant works for the employer (years of service) and the participants salary. 3.Your retirement benefit is generally provided in the form of regular payments over your lifetime beginning at what the plan calls normal retirement age, which is typically age 65. 4. employer has higher expense and long-term obligations associated with running a defined benefit plan. A defined contribution plan 1.specifies how much money will go into a retirement plan today. 2.The amount typically is either a percentage of an employees salary or a specific dollar amount. 3. Then, those funds often are invested in mutual funds available inside the retirement plan. 4.The amount you have at retirement depends on how much your employer contributes to the plan, how much you as the employee save in the plan, how long you leave those funds invested, and how well your investments perform inside the plan. c. List 3 distinctions between a qualified plan and a non-qualified plan. A qualified plan compares toShow MoreRelatedTotal Compensation Strategy1105 Words   |  5 PagesTotal Compensation Strategy Total Compensation Strategy Managing Diversity Nationally and internationally, companies are facing the task of reassessing the balance between their own identity and the force of integration. Centralism often makes access to new markets and regions difficult. Distinctive local autonomies, on the other hand, endanger the overall organization and identity of the company. 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