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Posted

I have a 403b plan with no exclusions for eligibility.  They had a new employee that was hired for a temporary/part time/one year position and they didn't allow her to defer.  The match is 9% if you defer 3%.  I think they should put the money in for 2023 for her and year to date for 2024.  

They wish to amend the document going forward to exclude Temporary and Part Time employees.  I do not have any other 403b plans and am not certain that is the best route. It's a small employer with only 9 employees.

Thoughts?

Posted

Yes to fixing that new employee in question.

Ok to amend to exclude the less than 20 hrs/wk population under the universal availability rules, right? But have to deal with the LTPT rules for those folks, yes?

Kenneth M. Prell, CEBS, ERPA

Vice President, BPAS Actuarial & Pension Services

kprell@bpas.com

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