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What is compensation for the purpose of determining contributions and elective deferral limits?

April 26, 2017compensation contributions deferral determining elective limits purpose

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What is compensation for the purpose of determining contributions and elective deferral limits?

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The definition of compensation can vary from plan to plan. The definition that must be used in operating the plan is defined in the plan’s document. For plan allocations, compensation is the pay a participant received from the employer for personal services for a year.