Plan termination

[PFranckowiak]

Employer is terminating the plan. They want to give the match for the people say through 11/15/2015. The match is discretionary with a 1000 hour last day requirement. Any problem with amending the plan to remove the 1000 hour last day requirement? For business reasons they do not want to wait until the end of the plan year, but want to give employees the match they told them that they would do.

Just want to make sure that I have all the questions that might come up in a meeting I have.

Thanks

[david rigby]

When is the plan termination date?

[PFranckowiak]

I don't know the termination date yet - but it will be before the end of the plan year which is a calendar year.

[Lou S.]

Is this some kind of safe harbor 401(k) Plan? If the answer is no - then I see no problem with making the allocation requirements MORE generous than what is currently in the document.

For example changing the conditions from "1000+ hours and employed on 12/31/15" to "0 hours and employed on 11/15/2015" would not cut back the allocation for anyone.

[BG5150]

Especially since there is a last day rule. No one has actually accrued the match yet, so you can change it.

[PFranckowiak]

Thanks, thats what I thought.