Sixers Posted February 7, 2019 Posted February 7, 2019 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?
david rigby Posted February 7, 2019 Posted February 7, 2019 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.
Patricia Neal Jensen Posted February 7, 2019 Posted February 7, 2019 Never say "Part time!" Patricia Neal Jensen, JD Vice President and Nonprofit Practice Leader |Future Plan, an Ascensus Company 21031 Ventura Blvd., 12th Floor Woodland Hills, CA 91364 E patricia.jensen@futureplan.com P 949-325-6727
Larry Starr Posted February 7, 2019 Posted February 7, 2019 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
Sixers Posted February 8, 2019 Author Posted February 8, 2019 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.
Tom Poje Posted February 8, 2019 Posted February 8, 2019 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)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now