Qualified Retirement Plans Including Section 401(K) Pians (LO 5.4) During 2022, Jall, age 39 , participated in a Section 401(k) plan which provides for maximum empioyee contributions of 10%. Jilrs salary was $6.8,600 for the yeac. Jill elects to make the maximum contribution. What is Jil's maximum tax-deferred contribution to the plan for the year? x r Chea Mr Wot One of the more popular qualifed retirement plans is the Section 401(k) plan. This plan permits an employee to choose to receive a direct payment of compensation in cash of to defer the amount through an employer contribution on behalf of the employee to a profit-sharing or stock bonus plan. Such a plan may be structured as a salary reduction agreement. In all 401(k) plans, contributions are limited in two ways