Purchase Solution

401K Statements

Not what you're looking for?

Ask Custom Question

All the following statements concerning contributions to a 401(k) plan are correct EXCEPT

A. A 401(k) plan can include employee after-tax contributions in addition to employee pre-tax salary deferrals.
B. A 401(k) plan can include a matching contribution feature in which the plan sponsor agrees to match employee salary deferrals to a certain extent.
C. If a plan has a profit-sharing feature; contributions are made only for eligible participants who make salary deferral contributions.
D. When a plan has more than just salary deferrals, it must have separate bookkeeping accounts for each type of contribution.

Purchase this Solution

Solution Summary

This solution provides the correct answer with explanation to the 401K multiple choice question listed.

Solution Preview

You're correct. B is worded incorrectly due to the statement of deferrals. A is true, and is ...

Purchase this Solution


Free BrainMass Quizzes
Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.

Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.