Dazednconfused Posted July 22, 2010 Posted July 22, 2010 ER decided to waive service requirements for a new hire and let them defer and receive ER contributions upon hire date (document has YOS and 21 for ER and EE). I know we can FF the contributions and make the EE whole through payroll. How does the retroactive amendment work? That is what is the process, do you need to go through VCP or ?? Also, does the amendment specifically name the person or is the amedment on a plan level, which may let others in as well? Thanks!
rcline46 Posted July 22, 2010 Posted July 22, 2010 Dig out Rev Proc 2008-50 and read the section. It offers the options.
Dazednconfused Posted August 2, 2010 Author Posted August 2, 2010 Yes, I know, but just wondering regarding the amendment.. in my experience, ER's so far have always 'made whole' through payroll and Forfeited the ineligible contributions. Now one may want to amend, I just have never gone this route. To me it seems that this option gives the ER the impression that they can 'waive' (just make an amendment for the specific person they want in early) at their discretion, which many of them think they can... then it is always a pain fixing... Thanks again.
rcline46 Posted August 3, 2010 Posted August 3, 2010 Its only a pain to you when you do it for free. If it becomes painful enough for the ER, they won't do it anymore - get my drift?
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