|Who May Establish
||A company who employs only the owner(s) and their spouses, if applicable, and have no common-law employees.
||New plans must be established by the last business day of the company's fiscal year.
|Employee Eligibility Requirements
||Owner(s) and their spouses, if the spouse is actively employed and receives W-2 income.
||Part-time employees (those working less than 1,000 hours per year).
|Owner/Spouse Employee Contribution Limit
||Maximum employee deferral is the lesser of 100 percent of income or $18,000.
||Up to $6,000 for participants age 50 or older.
||Discretionary: Maximum of 20 percent of adjusted net business income or 25 percent of W-2 compensation after application of FICA,
not to exceed $53,000 when combined with salary deferral feature. $59,000 for those age 50 and beyond.
|Annual Custodial Fee