Submitted by: Submitted by buzzster
Views: 60
Words: 1035
Pages: 5
Category: Business and Industry
Date Submitted: 02/25/2015 12:31 PM
1) Cheque Company has 100 eligible employees and sponsors a defined benefit pension plan. The company is unsure if they are meeting all of their testing requirements. How many employees (the minimum) must be covered by Cheque Company’s defined benefit pension plan for the plan to conform with ERISA?
* 40
2) Aztec clay distributor is a family owned business that is owned by Alice, Bill, Chad and Zion. Zion is not an employee, rather a silent or somewhat silent partner. Alice and Bill are married and Chad is their 25-year-old son who has a degree in Soil Science from Dhaka University in Bangladesh. The employee census information is in the chart below.
Employee Ownership Salary Deferral Plan Balance Status
Alice 30% $330,000 $20,000 $40,000 officer
Bill 3% $210,000 $20,000 $600,000
Chad 4% $80,000 $10,000 $150,000
Dave 0% $180,000 $15,000 $150,000 officer
Erin 0% $140,000 $15,000 $100,000
Frank 0% $50,000 $8,000 $50,000
Ginger 0% $40,000 $0 $10,000
Haley 0% $30,000 $2,000 $30,000
Irish 0% $20,000 $1,000 $10,000
Jen 0% $10,000 ...