Election for Catch-Up Contribution

[lkpittman]

Anyone seen or drafted a 401(k) enrollment and salary deferral election to include a participant's election for the catch-up? Anyone willing to share samples of language or refer to me something? Any help? Thanks.

[Guest dmj1998]

LKP - we haven't drafted anything yet, but are looking at adding catch-ups in mid 2002. one issue i am curious to hear about is how plans will treat catch-up contributions for loans and w/ds.

if you are adding a catch-up, will EEs be able to get access to the funds if they need to? my experience is that EEs over 50 are less likely to try and access the funds in dc plan, but when they do, it is usually a significantly higher amount (for loan or hardship) than the average EE.