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Showing results for tags 'Last Day'.
Found 3 results
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Medical practice sponsors 401(k) plan. A nurse practitioner terminated employment in early December, and has not worked for the plan sponsor since termination. However, the NP will receive commissions on collections through the end of December. What is the impact on the retirement plan if the NP receives a paycheck (with employment taxes withheld) as of 12/31 even though the last day worked was several weeks prior to that? Thanks!
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Would you be permitted to have two matches where the first match would go to everyone but the second one would only go to employees employed on the last day (meaning the active employees would get both matches). I am trying to think if there are any discrimination issues.
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Hello All, I have a question regarding a Safe Harbor Plan that also happens to have a last day requirment. The plan also has crosstesting thus everyone is in their own rate group. I have a participant that has termed before the year end, and was a participant in the plan throughout the year entitling him to SH. The plan is also maximizing the owners and needs to satisfy gateway requirement. Since the participant is technically not eleigible for the additional 2 % that he needs to satisfy gateway (because he was not employed on the last day), do we have to amend the plan so that he is eligible for PS for the year or is it understood that a participant that has recieved SH can also receive profit sharing to recieve gateway? Please advise.
