TH 401k Posted Tuesday at 07:58 PM Posted Tuesday at 07:58 PM Employees hire on 05/21/2022 and terminated on 10/25/2022 and has hours of 550 and rehire on 3/17/2024 and 2024 hours is 1023. Plan eligibility condition is 6 month of service with 500 hours consecutive or else, one year of service. Entry Cycle is monthly. Additionally, Rule of parity is not applies. What is the entry date for this employee? Whether we have calculated 6 mos from rehire date and entry date as 10/01/2024 or else need to consider his prior service and determine the shift to plan year and entry date as 01/01/2025. Can you provide explanation if possible. Also, is there any documents which explains this to refer.
BG5150 Posted Tuesday at 08:37 PM Posted Tuesday at 08:37 PM Ask your document provider. That's what their help desk is for. I rely on ours a lot. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
CuseFan Posted 21 hours ago Posted 21 hours ago Read the basic plan document, all relevant provisions, it should provide the answer. ESOP Guy 1 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
Artie M Posted 17 hours ago Posted 17 hours ago What they are saying is that the answer to your query depends on the specific drafting of the plan eligibility language. "Six months of service with 500 hours consecutive" can be interpreted in at least two ways. Just my thoughts so DO NOT take my ramblings as advice.
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