Will Briggs is the sole owner of Briggs Engines Inc., an S corporation. Will is considering installing a defined benefit pension plan in anticipation of his planned retirement in 16 years. His current salary from the company is $295,000. His son George, age 24, is a full-time employee of the company, earning a salary of $24,000.

Which of the following statements describe Will's "compensation," for purposes of the qualified plan rules in 2019?

1. Only $280,000 of Will's salary will be included as his "compensation."
2. The plan could consider Will's average salary over his entire career with the company.
3. The plan could consider Will's average salary over his final three years preceding retirement.
4. George's $24,000 salary is considered part of Will's salary, for qualified plan purposes.

I and II only

III and IV only

I, II, and III only

I, II, III, and IV