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Please be detailed when explaining answer. I want to know how you get each number. Thank you!! Monarch Machines sponsors a 16% money purchase pension
Please be detailed when explaining answer. I want to know how you get each number. Thank you!!
Monarch Machines sponsors a 16% money purchase pension plan and 401(k) profit sharing plan in which the employees are permitted to defer up to 75% of their compensation. Monarch Machines matches employee deferral contributions 100% up to 6% of deferred compensation. If James, age 31, is a highly compensated employee who earns $200,000, what is the maximum he could receive as an employer match from Monarch if the ADP of the NHC is 4% in 2018? Justify your answer. 1
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