EACA related

I am not a 401k person and not sure how the following should be handled.

Setting up a brand-new plan for a sole-prop for 2023 (will be signed and funded by 4/15/2024). There will be employees hired later this year or next year. So far, only the owner

Q1: Do I need to have EACA provisions (I do not want any in there) even if retro to 2023?

Q2: For any possible new employee who may be eligible for 2024 and/2025, does the plan have to have EACA option?

Q3: For deferral effective date, I think it should be 12/31/2023, latest possible election date, agree?

Thanks

I think there's a 10-employee minimum for the EACA rules.

Hi Bri

Thank you for pointing that out, went back to SECURE 2.0 section 101 and confirmed. Much appreciated