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Sew What, the best seamstress shop in town, sponsors a 401(k) plan. All the eligibleemployees and...

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Finance

  1. Sew What, the best seamstress shop in town, sponsors a 401(k)plan. All the eligibleemployees and theirelective deferral percentage are listed below.

Employee

Identification

Deferral Percentage

Lois

HC

6.97%

Frank

HC

8.33%

Karen

NHC

5.00%

Jeanette

NHC

8.00%

Joyce

NHC

2.00%

Ronnie

NHC

5.00%

Kali

NHC

0.00%

Will the company pass the ADP test? Ifnot, what this firm can do to remedy this situation.

Answer & Explanation Solved by verified expert
4.5 Ratings (626 Votes)
First we need to calculate average HC and NHC Deferral Percentage average HC Deferral Percentage sum of Deferral Percentageno of employees 697 8332 1532 765 average NHC Deferral Percentage 5 8 2 5 05 205    See Answer
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