IRS Notice 2024-63, Q&A E-3, permits QSLP matches to be contributed at a different frequency than elective deferral matches.
Plan makes elective deferral matching contributions on a payroll period basis (that is, compensation and deferrals are measured on a payroll period basis).
Plan wants to implement a QSLP match feature, making the QSLP match on an annual basis (that is, compensation and QSLPs are measured on a plan year basis).
Does IRS Notice 2024-63 permit this plan design, or will the plan need to be amended to make the elective deferral match on an annual basis to sync up with the QSLP match feature (so that deferrals, QSLPs and compensation are measured on a plan year basis)?
Thanks.