25% increase in Profit Sharing plan

[FJR]

When does the increase from 15% to 25% take place for Profit Sharing Plans? I have a Profit Sharing and Money Purchase with a 9/30 plan year end. Can we merge the Money Purchase now and get the 25% in the Profit Sharing in plan year ending 9/30/02? Or is it plan years starting in 2002?

[Mike Preston]

It is tax years starting in 2002. If the plan year and the tax year are coincident, then you are talking about the 10/1/02-9/30/03 year.