548 California Ave, Reno, NV Ph 775-324-7979 email: email@example.com
Content below this line is information for staff.
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734 401k History
2. A 401k was researched and we found that it allowed many advantages to everyone so it was discussed in the open and approved by all Staff at the time.
3. Because employee pay, costs of payroll taxes and benefits were and are such a big percent of the corp’s Gross Income, Ray did not feel like the corp could afford to match more than 3% in the future and especially when a “nominal 4%” match’ was set the first year but expected by all to increase in the future.
7. For 2016, the Staff approved the “nominal Corporation % match” of 5% which in effect was still really 3% from the corp.
8. For 2017, the Staff approved the “nominal Corporation % match” of 5% (no increase) which in effect was still really 3% from the corp.
13. The above is likely “too much information” and is not necessarily explained to newly hired Staff who may forever want to ignore all the above and just understand that Performance Pay Schedule Column ‘LL’ gross pay does get a % corp match as voted to their 401k account but in effect corp. actual match is always 3%. Beyond that, it is good to have an understanding of the parameters and formulas for performance pay.
Employee Deductions have an Annual Max per the IRS that changes at the beginning of some years. For 2017 it was 18,000; for 2018 it was 18,500; for 2019 $19,000. Employees may contribute a percent or fixed sum per paycheck up to that maximum.
Do not confuse the Employee Deductions with the Matching “Company Contributions” (“nominal Corporation % match”), see below.
Charities We Support
Nevada Youth Empowerment Project (NYEP) – http://nyep.org
Truckee Meadows Housing Solutions (TMHS) – https:// truckeemeadowshousingsolutions .org/
Nevada Humane Society – https://nevadahumanesociety. org/
Good Shepherd Clothing Closet – http://www.gsccreno.org/
Res-que – https://res-que.rescuegroups. org/
Lexie’s Gift – https://www.lexiesgift.com/
Solace Tree – http://www.solacetree.org/
The family law and divorce information on this Reno-Sparks, Nevada (NV) website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. The receipt or viewing of this information does not constitute an attorney-client relationship. We are child custody, visitation, spousal support, and, men’s and fathers’ rights lawyers. We serve Reno, Sparks, Fernley, Fallon, Carson City, Minden, Gardnerville, Lovelock, Winnemucca, Yerington, and Incline Village.