401(k) Compensation


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Many types of pay may be included (or specifically excluded) in the definition(s) of “compensation” used by a 401(k) plan, and the plan may include multiple definitions of compensation. For example, “compensation” may be used to:

Internal Control Procedures

It is important to develop internal control procedures which verify the types of compensation used for:

Consistent Definition

In order to ensure that the correct compensation amounts are reported and used for all purposes under the plan, these procedures must include communication between: