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Posted

Does plan document with a three month eligibility specifically have to exclude part time employees if Company will not ever have any? Or can it be left blank since it is a moot point? 

Posted

Never say never.

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

Posted
18 hours ago, Sixers said:

Does plan document with a three month eligibility specifically have to exclude part time employees if Company will not ever have any? Or can it be left blank since it is a moot point? 

Sorry, but the question doesn't make sense to me; maybe I'm missing something.

If you are using 3 months eligibility, then you cannot use any hours requirement, and that means you can't exclude part time employees.

Are you thinking you can do otherwise?

Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC
President
Qualified Plan Consultants, Inc.
46 Daggett Drive
West Springfield, MA 01089
413-736-2066
larrystarr@qpc-inc.com

Posted

Thanks all!  You’re right, never say never. I Will need to exclude by using 1,000 hours since doc allows it otherwise if not, the document will interpret they are eligible to participate in 401k after meeting 3 months elapsed time, along with everyone else.

Posted

maybe...

we have a MEP participation agreement that has the following (Item F). and if it is available there I would assume it is available elsewhere, though possibly worded differently elsewhere in a standard document. the default is if the person works 1000 hours in 12 months they enter the plan.

(I was told this is from a Corbel document)

 

eligibility.png.48ff137ae5abb287b4f61829e52ce99b.png

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