Originally Posted by
nightrider
So on our 12% b plan i top out the irs limit in September every year, no payments to the acct after that
your captains will top out the same way and then the 11% additional isn’t payed to anyone, because you have already topped out for the year, correct me if I am wrong, if I am right then this is a horrible deal for your guys.
Yes. From what I understand (since hearing about this yesterday and reading about it since) the limit for 2023 on this “vehicle” is $330,000. If your gross pay goes above this figure, all 11% inputs cease. The company contribution (ie “new money “ - not including interest payments), will be $36,300 per year.
But this is from me and my C student learning curve.