Guest tcunagin Posted July 23, 2003 Posted July 23, 2003 I have an old SAR-SEP plan that has 1 year eligibility requirement. Is the definition for 1 year in a SEP the same as in a qualified plan?
Appleby Posted July 23, 2003 Posted July 23, 2003 No. For purposes of a SEP, including a SARSEP, a year of service may be any period , regardless of how short the period may be. For instance, is a participant worked for one day during 2002, the participant has worked 1 of the five preceding years… because you have a 1-year service requirement, the participant will be eligible for a 2003 contribution... Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com
Gary Lesser Posted August 5, 2003 Posted August 5, 2003 Cite: See Proposed Treasury Regulations Section 1.408-7(d)(2) regarding execution of documents and example in 1.408-7(d)(5).
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