DP Posted September 7, 2005 Posted September 7, 2005 I have a calendar year PS/401k with a 3% non-elective SH. Eligibility to receive contribution is employed at end of year or work 501 hours if terminated. Currently the employer contribution is integrated at 100% of the TWB. Can we change to a cross-tested formula for the 2005 plan year? Thanks.
Tom Poje Posted September 7, 2005 Posted September 7, 2005 too late if anyone has worked 500 hours, because if they quit you would have to follow the terms of the document and give them the current formula. they have accrued the benefit for the year and you can't change it.
DP Posted September 7, 2005 Author Posted September 7, 2005 Thanks, Tom. I thought it should be effective 1/1/06, but the plan's financial advisor says it can be started in 2005. He was beginning to make me doubt myself.
AndyH Posted September 7, 2005 Posted September 7, 2005 I wonder if the "financial advisor" has one of those new ASPPA designations. Anybody else think that is absurd?
stephen Posted September 7, 2005 Posted September 7, 2005 Andy, IMHO, I do not think it is absurd that ASPPA is trying to help educate financial advisors to help financial advisors learn more about how plans should be operated in accordance with the law instead of as the way they think it should work.
AndyH Posted September 7, 2005 Posted September 7, 2005 Fair enough viewpoint, stephen. The counterpoint is the dilution of the significance of the membership or credentials.
Mike Preston Posted September 7, 2005 Posted September 7, 2005 Put it in now. Make sure anybody who terminates is in a group which gets the amount they otherwise would have gotten had the formula not been changed.
Tom Poje Posted September 7, 2005 Posted September 7, 2005 so Mike, how bad will the Wolverines beat Notre Dame this weekend?
Mike Preston Posted September 11, 2005 Posted September 11, 2005 Consider it all your fault, Tom. All your fault. <sigh>
Tom Poje Posted September 12, 2005 Posted September 12, 2005 along with injuries to 3 offensive linemen plus the running back. But I already asked you earlier which 2 games they would lose that they should win.
AndyH Posted September 12, 2005 Posted September 12, 2005 Maybe you guys should take one of our (the Pat's) coaches too. Let's see, no coordinators left; I think the weight room guy is gone; the nutritionist is still here I think.
Guest quinn the car fixer Posted September 12, 2005 Posted September 12, 2005 do you really want their nutritionist? did you see the boilers on weis and crennel?
Mike Preston Posted September 13, 2005 Posted September 13, 2005 Hey, you guys got our quarterback, so we should get the nutritionist plus a coach to be named later.
AndyH Posted September 13, 2005 Posted September 13, 2005 You both deserve touche's. But I'm sure glad the Yankees drafted Henson instead of Brady.
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