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New Comparability Plan design is popular because it offers contribution flexibility and allows higher contributions for targeted groups, such as owners or key employees. New Comparability can be used in any 401(k) or profit sharing plan. Because of the flexible nature of the New Comparability design, it is subject to top-heavy and general nondiscrimination testing.
By using a feature of nondiscrimination testing commonly referred to as cross-testing, targeted employees are able to maximize benefits while providing lesser benefits to other employees. However, regulations have a safety net to ensure that non-highly compensated employees also receive a meaningful benefit.
Today, we administer more than 200 plans! Our clients regularly recognize us for our responsiveness, level of service we provide, reliability of our calculation, our attention to details, and administration services. We serve as an independent voice to our clients with unbiased advice. Our actions show that we are client-driven and make available any of our clients as references.
Each client at Nyhart has a dedicated team of actuaries, plan advisers and support staff. We provide you direct access to your team so your questions and issues can be handled confidentially by a team who knows your new comparability plan and can help resolve your issues.
Do you have an actuarial or benefit question or are interested in learning how Nyhart may be able to provide the long-term partnership to evaluate or manage a health care benefit plan for your company or government agency? Please call us at (317) 845-3500 or email us at connect@nyhart.com today and we will be in touch quickly.