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One Year Anniversary

April 3rd, 2006 at 08:43 pm

Tomorrow I've been at my job for one year.

I've learned a lot in that year. I had never written a will, a power of attorney, a medical power of attorney (didn't even know they were separate documents) and a directive to Physicians. Last week I put togther an outline for my boss to give a presentation on those things.

I also had never formed a business and didn't have the first idea what they'd need. Now, I've set up limited partnerships, LLCs, and corporations.

Along with all that knowledge, now I qualify for the profit sharing plan. Maybe some of you can help me figure this out:

"III. Employer Contribution Election

To help you make an informed decision on the level of your own salary reduction contributions, if any, your employer must declare the type of contribution it will make within a reasonable period of time prior to the plan year beginning January 1, 2006. Your employer elects to contribute to a SAFE HARBOR 401(k) contribution for 2006 of the type selected below:
... (3) A Nonelective Contribution equal to:

(X) (i) 3% (not less than 3% of your compensation)"

I think I'm missing a form, it goes on to refer to the SPD. I'll ask about that tomorrow. But does that sound like they contribute at least 3% no matter what I contribute? I need to see the SPD to figure out the vesting schedule and my minimum amount to get the full 3%.

I definitely want to participate. They have a deal with one of the local developers and they buy discounted real estate from him. Those notes are currently charged 11-13% interest (with 13% being the highest). We do our own foreclosures if anyone defaults (not a very high default rate, surprisingly) so the only expenses there end up being less than $100 for filing and service fees.

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