Profit Sharing Plans

[Guest blb]

For vesting, my Profit Sharing program requires 5 yrs of employment with the company.

I recently heard there is automatic vesting in Profit Sharing programs if the employee is 55 yrs of age or over, regardless of years of employment. Is that correct?

Thank you!

[Tom Poje]

not correct.

full vesting is attained upon the 5 years of service you mentioned, or upon reaching your normal retirement date. now, if the plan has that set at 55, then yes, you would be 100% vesting.

[Guest blb]

Thanks Tom for your reply............blb