There has been a lot of good advice here already so I am not going to repeat most of the thoughts but wanted to emphasize one thing. I used to insure Fiduciary Liability exposures for a global insurance company and
Being classified as an HCE means that you are earning more than $115,000 which is a good income and does subject you to higher taxes. It is good that you also want to maximize your 401(k) plan contributions. For
It sounds as if your plan is top heavy and is failing the non-discrimination tests that must be done. HCE's are individuals who earn over 115K (in 2013). Plan sponsors also can elect to limit the number of HCE's
Information is provided 'as is' and solely for informational purposes, not for investment purposes or advice.
BrightScope is not a fiduciary under ERISA. BrightScope is not endorsed by or affiliated with FINRA.