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In 1961, the company changed its name to Automatic Data Processing, Inc. (ADP), and began using punched card machines, check printing machines, and mainframe computers. ADP went public in 1961 with 300 clients, 125 employees, and revenues of approximately US$400,000. [3] The company established a subsidiary in the United Kingdom in 1965.
Henry Taub. Henry Taub (September 20, 1927 – March 31, 2011) [1] was an American businessman and philanthropist of Hungarian - Jewish descent who was a co-founder of ADP . Raised in Paterson, New Jersey, Taub attended Eastside High School. [2] Taub was educated at New York University. He graduated from NYU in 1947 with a degree in accounting. [3]
This is known as the ADP test. When a plan fails the ADP test, it essentially has two options to come into compliance. A return of excess can be given to the HCEs to lower the HCE ADP to a passing level, or it can process a "qualified non-elective contribution" (QNEC) to some or all of the NHCEs in order to raise the NHCE ADP to a passing level.
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Adenosine diphosphate (ADP), also known as adenosine pyrophosphate (APP), is an important organic compound in metabolism and is essential to the flow of energy in living cells. ADP consists of three important structural components: a sugar backbone attached to adenine and two phosphate groups bonded to the 5 carbon atom of ribose .
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