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Changing vesting basis time


BG5150

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What are the hurdles to changing the vesting percentage computation basis?

A plan currently has 1,000 hours for YOS for vesting.  

Can it easily change from hours counting to equivalancy or even elapsed time?

QKA, QPA, CPC, ERPA

Two wrongs don't make a right, but three rights make a left.

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13 hours ago, BG5150 said:

What are the hurdles to changing the vesting percentage computation basis? None that I am aware of.

A plan currently has 1,000 hours for YOS for vesting.  

Can it easily change from hours counting to equivalancy or even elapsed time?  Yes; not a protected anything.  Change as of the beginning of a plan year.

 

Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC
President
Qualified Plan Consultants, Inc.
46 Daggett Drive
West Springfield, MA 01089
413-736-2066
larrystarr@qpc-inc.com

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