emmetttrudy Posted February 3, 2010 Posted February 3, 2010 Participant was hired 1/27/2005, met the eligibility requirements of 21 and 1 year of service for the 401(k) PSP. Terminated 10/1/2008. Rehired 7/14/2009. New DB plan was adopted 12/30/2009 and effective January 1, 2009 with same eligibility of 21 and 1, semi-annual entry. Since the employee had already met the eligibility requirement upon their date of rehire would they enter immediately at 7/14/2009?
SoCalActuary Posted February 3, 2010 Posted February 3, 2010 Participant was hired 1/27/2005, met the eligibility requirements of 21 and 1 year of service for the 401(k) PSP. Terminated 10/1/2008. Rehired 7/14/2009. New DB plan was adopted 12/30/2009 and effective January 1, 2009 with same eligibility of 21 and 1, semi-annual entry. Since the employee had already met the eligibility requirement upon their date of rehire would they enter immediately at 7/14/2009? Generally, yes. Only exception is if your document has a wait on re-hires before entry. Then the entry is usually retroactively applied.
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