austin3515 Posted March 17, 2005 Posted March 17, 2005 I saw an article once discussing giveaways to encourae enrollemnt. Is it allowed, etc.? I recall the answer is yes, but if someone knows where I read this that would be awesome! I think it came out in the benefitslink daily email. Austin Powers, CPA, QPA, ERPA
Guest Benmark Posted March 17, 2005 Posted March 17, 2005 I remember checking with our ERISA counsel on whether we could give a prize (or have a drawing for a prize) to give to employees who sign up for the 401(k) Plan. The answer I got at that time (2002) was that you could NOT give a prize, gift, or selectively include someone in on a drawing for a grand prize that is conditioned on their enrollment. Having said that, if you are having enrollment meetings, you can certainly offer a prize or have a drawing for anyone in attendance. You just can't condition the prize award on their actual enrollment into the plan. Hope that helps.
david rigby Posted March 17, 2005 Posted March 17, 2005 Recent discussion. http://benefitslink.com/boards/index.php?showtopic=27386 I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
austin3515 Posted March 18, 2005 Author Posted March 18, 2005 That's where it was! Thanks! I remember the camera from Circuit City... Austin Powers, CPA, QPA, ERPA
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