Guest HHR Posted August 27, 2002 Posted August 27, 2002 Corporation with Standardized Profit Sharing Plan sold it's assets to conglomerate mid year. All employees were transfered over to the new company and began participating in that company's plan. However, the old employer still wants to give a profit sharing contribution to all of his old employees. Plan year end is near. They will be terminating the pan at year end and all participants will be 100% vested. In computing this year's contribution, one participant who normally works over 500 hours per year and has received contributions in years past, did not get over 500 hours of service this year because of the sale and transfer. I don't see anything in the plan that would allow for a contribution to this participant since this is not a short plan year. Are there any conditions under which this man should receive a contribution?
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now