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Gvoernmental 401 vesting years of service


Guest Steven N
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Guest Steven N

Can a governmental 401(a) plan define a year of service for vesting purposes to be more than 1,000 hours in a 12-consecutive moth period? If yes, is there a limit to how many hours can be required in order to be credited with a year of service?

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Can a governmental 401(a) plan define a year of service for vesting purposes to be more than 1,000 hours in a 12-consecutive moth period? If yes, is there a limit to how many hours can be required in order to be credited with a year of service?

government plans can set any period of service they want to use.

mjb

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government plans can set any period of service they want to use.

... within the contraints of the plan document, local statute, and (most commonly) state statute.

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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