52626 Posted September 14, 2020 Share Posted September 14, 2020 Plan has a fixed match 50% up to 4% Effective 10/15 the match was changed to discretionary - the employer will match 50% up to 6% - funded each payroll for the remainder of 2020. In addition, the employer added the true up feature as of 10/15/2020 for the 2020 plan year. Questions. On 12/31/2020 when the true up is calculated , is the match contribution based on the formula in place as of 12/31? Therefore, even though the match was 50% up to 4% for the first 10 months, you use the total wages and deferrals as of 12/31 and determine the true up base on the 50% up to 6% formula. Thanks Link to comment Share on other sites More sharing options...
BG5150 Posted September 15, 2020 Share Posted September 15, 2020 I would do 2 true-ups. Mike Preston and Bill Presson 1 1 QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left. Link to comment Share on other sites More sharing options...
MWeddell Posted September 15, 2020 Share Posted September 15, 2020 It is entirely a matter of interpreting the plan document language. Luke Bailey and Mike Preston 2 Link to comment Share on other sites More sharing options...
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