Business, 26.12.2019 01:31 khamyah96

Cornell company is considering the establishment of a pension plan. the proposed plan has the following features:

a. contributions for employees earning less than $112,500 will be based on 2.60% of salary, while contributions for those earning over $112,500 will be based on 4.75% of salary.
b. to reduce employee turnover, company contributions will vest in 10 years.
c. employees with more than five years of service will be required to contribute 2.50% to the pension plan.
d. employee contributions will completely vest in one year.
will the proposed pension plan be deemed a qualified pension plan? why or why not?

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