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Adjustments to Compensation and 414(S) Testing Considerations

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Adjustments to Compensation and 414(S) Testing Considerations Adjustments to Compensation and 414(s) Testing Considerations Q: How is 414(s) compensation used? • Excluding reimbursements or other A: Internal Revenue Code (Code) section (§)414(s) expense allowances, fringe benefits (cash requires that a nondiscriminatory definition or non-cash), moving expenses, deferred of compensation be used when performing the compensation (other than deferrals nondiscrimination tests (i.e., actual deferral specified above) and welfare benefits. percentage (ADP) test and actual contribution • Excluding compensation paid to an employee percentage (ACP) test) that a qualified retirement during the nondiscrimination testing plan must satisfy. (determination) period while the employee was not a participant in the plan. Q: What 414(s) compensation choices are available? A: Generally, your plan document will contain three There is one additional 414(s) compensation basic definitions of plan compensation that satisfies “safe harbor” adjustment that does not require the 414(s) compensation requirement. These three 414(s) nondiscrimination testing. Any item plan compensation definitions are: of compensation paid to some or all highly • Wages, tips and other compensation reported in compensated employees (HCEs) that is excluded if IRS Form W-2 (payments required to be reported the same item of compensation paid to non-highly under Code sections (§§) 6041, 6042 and 6051) compensated employees (NHCEs) is included. • Wages subject to withholding (Code §3401(a) wages) For example, a plan’s definition of compensation • Code §415 compensation excludes bonuses paid to HCEs, but includes bonuses paid to NHCEs. This exclusion would automatically Additionally, your plan document may contain satisfy the 414(s) compensation definition and no one or more of the three exclusions that will 414(s) nondiscrimination testing would be required. automatically satisfy the414(s) compensation requirement. These 414(s) compensation “safe The compensation choices allow flexibility in harbor” adjustments are: choosing the compensation used for retirement • Excluding compensation which is not currently plan purposes while still automatically satisfying includible in a participant’s gross income the 414(s) nondiscrimination requirements. under Code §§ 125 (cafeteria plan), 132(f)(4) (qualified transportation fringe benefit), 402(e) Q: When is 414(s) testing required? (3) (401(k) plan deferrals), 402(h)(1)(B) (simplified A: Any exclusions from plan compensation other employee pension plan), 414(h) (employer pickup than the exclusions previously discussed would contributions under a governmental plan), 403(b) cause plan compensation to be considered an (tax sheltered annuity) or 457(b) (eligible deferred “alternative definition” of compensation and compensation plan). subject to 414(s) nondiscrimination testing. (Note: Compensation used in testing 415 limits always includes the elective deferrals listed.) Continued on next page 0NEAMERICA® is the marketing name for the companies of OneAmerica | OneAmerica.com 1 of 4 © 2018 OneAmerica Financial Partners, Inc. All rights reserved. R-22356 01/24/18 In order to satisfy the Code §414(s) If all of these items of compensation are excluded, nondiscrimination requirements, an alternative it is considered a 414(s) compensation “safe harbor” definition of compensation must meet all of the adjustment; therefore, no 414(s) testing is required. following three requirements: • An alternative definition must be reasonable. The IRS does not consider it a reasonable • An alternative definition must modification to compensation if a specified not favor HCEs by design. percentage of each employee’s total compensation • An alternative definition must satisfy is excluded. For example, plan compensation a compensation percentage test. defined as 80 percent of the employee’s Code §415 compensation would not satisfy 414(s). Q: What is the reasonableness test? A: To use a non-safe harbor definition for 414(s) Plan sponsors are responsible for ensuring the nondiscrimination purposes, the resulting definition reasonableness test is satisfied. must be reasonable. Aside from exclusions to HCE compensation, a reasonable modification to Q: What is an example of “favoring HCEs by design?” compensation must be applied on a consistent basis A: When a plan’s definition of compensation to all employees. A reasonable modification may excludes overtime pay and the employer adopting exclude all or any portion of irregular or additional the plan pays overtime only to NHCEs, this exclusion compensation. For example, exclusions of all favors HCEs by design. or a portion of overtime pay, premiums for shift differential, call-in premiums and bonuses Plan sponsors are responsible for ensuring that are considered reasonable exclusions. your definition of compensation does not favor HCEs by design. Further, the IRS considers it a reasonable modification to compensation if one or more of the Q: What is the compensation percentage test? following items of compensation are excluded: A: An alternative definition of compensation that • Reimbursements or other expense allowances is reasonable and does not by design favor HCEs • Fringe benefits (cash or non-cash), must also satisfy the 414(s) nondiscriminatory moving expenses or welfare benefits compensation ratio requirement, which is also • Deferred compensation (other than deferrals referred to as the “compensation percentage test,” under Code§§ 125 (cafeteria plan), 132(f)(4) each year. (qualified transportation fringe benefit), 402(e) (3) (401(k) plan deferrals), 402(h)(1)(B) (simplified Any reasonable method may be used to determine employee pension plan), 414(h) (employer the average compensation percentages for HCEs pickup contributions under a governmental and NHCEs as long as the method used cannot plan), 403(b) (tax sheltered annuity) or 457(b) reasonably be expected to create a significant (eligible deferred compensation plan) variance from the average compensation percentages determined under the individual If you exclude any of the items above, the percentage method described above. reasonableness test is satisfied. However, 414(s) testing would be required. Continued on next page 0NEAMERICA® is the marketing name for the companies of OneAmerica | OneAmerica.com 2 of 4 © 2018 OneAmerica Financial Partners, Inc. All rights reserved. R-22356 01/24/18 One such method is explained below. First, calculate Q: Which employees must be included in the the individual compensation percentage for each compensation percentage test? employee. To calculate an employee’s compensation A: The compensation percentage test must include percentage, the employee’s compensation under the the employees required to be in the applicable alternative definition is divided by the employee’s nondiscrimination test. For example, a plan using total compensation. For example, a plan’s alternative an alternative definition of compensation provides definition of compensation excludes bonuses. for 401(k) deferrals and employer matching • An employee’s total compensation is contributions. To show that the alternative $60,000, including a $3,000 bonus. definition of compensation used in performing the • The employee’s compensation under nondiscrimination testing for deferrals under Code the alternative definition is $57,000. §401(k) (the ADP test) satisfies the compensation • The employee’s compensation percentage percentage test, only the employees eligible to is $57,000/$60,000, or 95 percent. defer in that plan year would be included. Once the individual compensation percentages To show that the alternative definition of compensation have been calculated, the percentages of the HCEs used in performing the nondiscrimination testing for are averaged to determine the HCEs’ average matching contributions under Code §401(m) (the ACP compensation percentage, and the percentages of test) satisfies the compensation percentage test, only the NHCEs are averaged to determine the NHCEs’ the employees who are eligible to receive match in that average compensation percentage. plan year would be included. The HCEs’ average compensation percentage Q: What happens if the 414(s) test fails? cannot exceed the NHCEs’ average compensation A: If the 414(s) test fails, a nondiscriminatory percentage by more than a de minimis amount. definition of compensation must be used for Whether a difference is de minimis depends on the nondiscrimination testing. Specifically, Code §415 facts and circumstances, but generally, a difference compensation will be used for the ADP and ACP of between 1 percent and 3 percent is considered tests. Additional nondiscrimination testing under de minimis. Code §401(a)(4) is also needed to determine if an additional employer non-elective contribution is Q: What is an employee’s “total compensation” required. If a safe harbor 401(k) plan uses a definition for compensation percentage testing purposes? of compensation that fails the 414(s) test, it has a A: “Total compensation” is any definition of qualification issue. compensation that satisfies Code §414(s). Total compensation could be: • W-2 wages (payments required to be reported under Code sections (§§) 6041, 6042 and 6051) • Wages subject to withholding (Code §3401(a) wages) • Code §415 compensation Continued on next page 0NEAMERICA® is the marketing name for the companies of OneAmerica | OneAmerica.com 3 of 4 © 2018 OneAmerica Financial Partners, Inc. All rights reserved. R-22356 01/24/18 Q: What does this mean to me as a plan sponsor? A: From this overview,
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