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Author: logres Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76421  
Subject: Re: money purchase plan without profits Date: 5/3/2000 1:33 PM
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The company is a professional company where there are no profits (all collections are supposed to be returned to the billing professional minus expenses of doing business)and the professionals are (for "IRS" reasons) deemed employees. The explanation is that each employee is given his/her hourly rate and then 11.5% is placed in an MPP with the remainder being the actual hourly wage you receive.

I agree, this sounds very strange. I'm looking for any resources that might show this not to be proper. Up until now we have had an ERISA 404(c) 401(K) plan where we payed both the employer match and employee contribution at "different steps in the spreadsheet."

Thanks for your response.

Tim
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