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Just be careful with this because the employer has to monitor EACH employee separately and ensure they know when they hit 1000 hours. The larger the number of employees, the harder that is.

If you want to dot the i and cross the t have the participant first elect to defer loan payments under COVID provisions and then do an offset of the loan as a COVID distribution. But I see no reason why what you want to accomplish. Just remember if the plan is adopting some or all of the CARES Act provisions which are optional for the plan, document it in your Plan Termination Amendment since you say the Plan itself is terminating.

No. From Notice 2020-50: Loan relief is limited to the delay of repayments and extension of amortization period permitted under CARES sec. 2202(b) and Notice 2020-51. However, if the participant terminated employment and received a total distribution, including a loan offset, that would be an actual distribution, which would be eligible to be treated as a coronavirus-related distribution.

Personally, I would discourage this - how important is it, really, to bring people in as soon as they have 1000 hours instead of waiting 12 months? It's a big deal for a few months and then it is not an issue. Anyway, our VS/prototype format document (FTW) does have simply reaching 1000 hours as an option, so I think you are safe with an "other" in this case. But that's not what you are describing. You just want 1000 hours (but within a 12 month period). Maybe that's what you meant but be careful when you write it. Here is the language in ours: [ ] Completion of Hours of Service (not to exceed 1,000) within a twelve month period. The service requirement shall be deemed met at the time the specified number of Hours of Service are completed.

HI Guys. Thanks for responding. I work for a TPA & currently working with the projects team(consists of processes like fund change, quarterly investment reports creation, auto enroll/increase,data scrubbing etc). I'm trying to move into a different role in my company, most likely Compliance. I know few things about it, but wanted to know the must know basics, the things which everyone in compliance should know, to have some base for my study. Thanks Zeller for the list.

Thanks for those replies.

I'll repeat ratherbereading's question and ask why? What's your goal? If we know more about what you're trying to accomplish it will help us point you in the right direction. Are you trying to break into the industry? Move into a different role at your company? Impress people at parties with your encyclopedic knowledge of qualified plans? ASPPA's Retirement Plan Fundamentals is a great place to start. Everyone at our company (a TPA) completes this within their first few months. ASC did a 5-part webcast series earlier this year on the fundamentals of qualified retirement plans. I didn't attend personally but I head it was good. Off the top of my head, if I were to come up with a list of things you need to know in order to have a solid grasp of the fundamentals, it would include: eligibility coverage non-discrimination including ADP/ACP top-heavy safe harbor plans distributions, including QJSA and rollovers taxation including sec. 72(t) RMDs annual additions/maximum benefit limits elective deferral limits compensation limit vesting and forfeiture deduction limits participant loans form 5500 prohibited transactions and fiduciary issues