Search found 5 matches

by Open Wide
Thu May 18, 2017 10:46 am
Forum: Personal Finance (Not Investing)
Topic: 401k excess contribution/highly compensated employee
Replies: 17
Views: 958

Re: 401k excess contribution/highly compensated employee

This may be a stupid question, but what makes one plan better or worse than another? As far as I know we don't have a choice since our 401k is run through our payroll company (ADP Total Source). I don't see my employer doing a match any time soon, but should we be looking for a different company, b...
by Open Wide
Thu May 18, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: 401k excess contribution/highly compensated employee
Replies: 17
Views: 958

Re: 401k excess contribution/highly compensated employee

even though it only feels like it's punishing the HCE's. It is. The intent is to encourage the company offer a less crappy plan so that more non-HCEs will participate. Unfortunately, many companies seem to be unconcerned with being told their plan is crappy. This may be a stupid question, but what ...
by Open Wide
Thu May 18, 2017 9:29 am
Forum: Personal Finance (Not Investing)
Topic: 401k excess contribution/highly compensated employee
Replies: 17
Views: 958

Re: 401k excess contribution/highly compensated employee

Sorry... yes we both do a $5500 Backdoor Roth IRA each year.
by Open Wide
Thu May 18, 2017 9:00 am
Forum: Personal Finance (Not Investing)
Topic: 401k excess contribution/highly compensated employee
Replies: 17
Views: 958

401k excess contribution/highly compensated employee

I just found out that I will be getting around $6k of my 2016 401k contributions returned to me due to "excess contributions". Apparently I am considered a "highly compensated employee" and even though I maxed my plan at $18k last year (no employer match), because other employees...
by Open Wide
Mon Aug 01, 2016 3:21 pm
Forum: Investing - Help with Personal Investments
Topic: Retirement planning vs. Student loans
Replies: 4
Views: 482

Retirement planning vs. Student loans

Hi all. This is my first post here... I'm looking for some guidance on retirement planning and investing, while still putting a dent in the student loans my wife and I have acquired over the years. Some backstory: Student loans: 310k Mortgage: 280k Combined IRA value: 50k Combined 401k value: 50k In...

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