Guest GordonCO Posted September 23, 2005 Report Share Posted September 23, 2005 We are looking at modifying the vesting schedule for our money purchase plan. The current schedule is 100% immediate with contributions beginning after a 22 month waiting period. The new schedule would likely be a 5-year cliff with no waiting period; contributions beginning upon hire. Can someone tell me what the requirements would be for making this type of change. I believe we would need to allow anyone with three years of service to elect which schedule they would fall under, but are their other requirements? Would we just begin making contributions for employees with less than 22 months of service that elect the 5-year schedule upon adoption of the plan amendment? Any retroactive contributions? Any unforeseen pitfalls? Thanks for any insight! Link to comment Share on other sites More sharing options...
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