401k entry dates
Posted 23 February 2006 - 07:51 PM
Please advise asap.
Posted 23 February 2006 - 08:07 PM
Posted 24 February 2006 - 12:43 PM
If the plan isn't designed for two years of service, then the annual date is fine as long as the entry date is retroactive so no participants exceed the 18 months.
Posted 24 February 2006 - 12:52 PM
Humbug, back for a month.
(yes, that is really me)
Posted 24 February 2006 - 04:11 PM
Example. A plan has one entry date per year -- January 1. A new employee completes his first year of service on 03/01/06. The individual can't be kept out of the plan until 01/01/07 (the "waiting" period can't exceed 6 months), so he'd participate as of 01/01/06. That's why plans are designed with a minimum of 2 entry dates per year. If this same plan had provided entry dates on January 1 and July 1, the employee would have started participating on 07/01/06.
Posted 27 February 2006 - 11:41 AM
Edited by E as in ERISA, 27 February 2006 - 12:23 PM.
Posted 27 February 2006 - 12:14 PM