Taking away 1000 hour and last year rule

[cpc0506]

another question under a different scenario...

Suppose the document is currently written - profit sharing allocation is integrated with social security with 1000 hours and last day rule.

Client wants to remove service requirements and change allocation method to new comparability.

Plan year ends 12/31. Can this be done now?

[Belgarath]

Yes.

[Lou S.]

Yes, no one has yet reached the last day of the year allocation condition. You can amend allocation method up until 12/31 with running into anti-cutback issues.

[401king]

If it's a Safe Harbor plan you would need to wait until 2014 to make it effective.

[cpc0506]

No, the plan is not safe harbor.