Background Check Compensation Question (Deferred)
I have a question regarding pay verification by third party background check companies.
Currently work for a fund that pays a significant amount in deferred bonus and also participate in SEP-IRA. The way SEP-IRA works is that the whole firm needs to contribute the same % pre-tax to a brokerage/retirement account. For my firm, it's 10%. So every cash dollar that's paid to us, 10 cents go into the SEP account, which you can withdraw from immediately (with tax penalty, but no vesting period).
This is how my firm quotes my comp. Your total comp is 250k, which includes 1) 150k Base 2) 50k Cash 3) 50k Deferred On top of this, there is the 10% tax free SEP contribution. So my W2 reflects a number that's closer to 200k.
When I was asked what my current pay is, I just told my new employer my base is 150 and my bonus is 100, for a total of 250. Never dug into the detail. The background check company now wants my W2 from previous year. Would this raise a red flag, seeing that stated comp is 25% higher than what's shown on the W2? I have attached a letter from HR (I told them I needed income verification for country club application) and a total comp sheet from the firm that clearly states my total comp is 250k and the breakdown if it helps.
bump.
no one has deferred?
bump again
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