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Midsouth Diesel specializes in the repair and overhaul of diesel engines. The company has 10 employees...

Midsouth Diesel specializes in the repair and overhaul of diesel engines. The company has 10 employees who are “highly compensated,” and eight of these employees are covered by the company’s 401(k) plan. There are 40 “non-highly compensated” employees, and 24 of these workers are covered under the 401(k) plan. Is Midsouth Diesel satisfying the minimum coverage requirement for qualified plans? Why or why not?

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