grokohl
Dec 29 2006, 12:59 PM
I was a full time employee from 1997 through November 2004. Since Nov 2004 I have continued part time. In Sept 2005, employer started an SEP for 2004 and paid out benefits 2004, 2005 and will again for 2006. I just found out about this last week from another former employee who fought for his share. Am I eligible? What should I do?
rcline46
Dec 29 2006, 01:31 PM
As long as you were an employee in any 3 of the prior 5 years for 2004 and forward, and you made more than $450 during 04 and each year thereafter, you were/are eligible for the SEP plan and due a contribution. THis is spelled out IN DETAIL in the SEP document your employer has.
The plan could be a SIMPLE and not a SEP, or it could be a qualified plan. All have their own special rules so you need to first verify the correct type of plan.