More than 54,000 401(k) plans failed their most recent non-discrimination tests by the IRS, according to new data from Judy Diamond Associates.
That means US$820 million in 401(k) contributions to highly compensated employees will be returned, putting a dent in retirement savings and exposing the affected employees to higher income taxes.
This year, Enterprise Holdings, the car rental company, had the most corrective distributions, at about $7.26 million. Conoco Phillips and Chevron, two oil companies, made the top five. Allegis Group, a staffing company, and grocery chain Safeway rounded out the top five.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
