Santo Gold Posted April 26, 2024 Posted April 26, 2024 An over age 21 employee is hired 3/1/23 and works between 501-999 hours in the 12 months after her initial date of hire. She then works between 501-999 in calendar year 2024. Lets say she reached 501 hours on June 1, 2024. Am I correct then that her LTPT plan entry date is 1/1/25 and not 12/1/24 (6 months later) since not only is the LTPT eligibility period 12 months but if she goes over 1000 hours later in 2024, she would be eligible to enter as a "regular" participant on 1/1/25 and would not classify as a LTPT? Thank you
Belgarath Posted April 29, 2024 Posted April 29, 2024 I agree. P.S. - for the record, my answer assumed eligibility computation period switched to plan year, as per C.B.'s comment.
C. B. Zeller Posted April 29, 2024 Posted April 29, 2024 Does the plan use the rule to switch the eligibility computation period to the plan year? Gilmore 1 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
Santo Gold Posted April 30, 2024 Author Posted April 30, 2024 Yes, the plan does switch to calendar year after initial eligibility period.
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