Attorney Marilyn D. York
Largest Exclusive Divorce Lawyers
Law Office in Reno Area. Men’s & Father’s Fathers’ Rights
www.marilynyork.net
548 California Ave, Reno, NV Ph 775-324-7979 email: chantel@marilynyork.net
Content below this line is information for staff.
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734 401k History
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.
4. It was discussed and agreed by the Staff that the 401k plan that was offered was something all employees liked and unanimously voted for with the understanding that “in effect” there would never be a corp contribution of more than 3%.
6. For 2015, the Staff approved the “nominal Corporation % match” as 4% which in effect was still really 3% from the corp,
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.
9. Original performance pay formulas were arithmetically modified so that although Performance Pay Schedule Column ‘LL’ gross pay did have whatever % match as voted on each year by Staff, while the effective corp. match always remains at 3%. The math details of how this is accomplished are printed on the bottom of each Performance Pay Schedule for each semester.
11. Staff questions concerning plan details should be discussed with Mollie and Greg Jacobs.
12. Staff from 2015 were privy to the above and understood and agreed to all the changes at the time.
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/
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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.
