Profit Sharing Plans

Employer Characteristics All taxable business, government entities & tax-exempt organizations
Who Must Be Covered Any employee with 1,000 hours of service within one year & who is age 21 or older can exclude certain employees. (Plans with two-years-of-service eligibility requirement must offer immediate 100% vesting).
Maximum Allocation 2011 Generally, 100% of participants total pay or $49,000 or which ever is less.
Maximum Annual Employee Deferral No employee contributions are allowed.
Required Employer Contributions Flexible contribution allowed each year (present amount not required); however, employer must make “substantial & recurring” contributions
Vesting Vesting schedules available
Top-Heavy Testing Required Yes
Who Controls Distributions Employer through the plan terms
Advantage of this type of plan Flexible contributions

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