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401A Match Plans
unknown
Has anyone had to setup a 401A Match Plan that uses Worked Hours as part of the Eligibility Requirement? Our current plan only allows employees in the plan if they are Part Time and hire > 12 months AND had worked 1000 hours in a calendar year. Any help would be appreciated.
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sriman-shivakoti
That is how ours works. We use a user field to designate when they've met the hours requirement and the plan takes care of the year of service. We have a Crystal report that is run to check hours. The HR dept then changes the user field "eligible for DC match" to a Y.
unknown
Do you only send the match in once a year? What happens when the year starts over and their hours requirement starts over?
sriman-shivakoti
Do you mean they have to qualify each year? Do they not get the match until after reaching the 1000 hours each year?
Our plan is that once you reach the 1000 and 1 yr of service you are matched forever - each pay period.
unknown
That makes sense. I've never had to deal with a match before. Thanks Margie
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