Most qualified plans, whether or not top-heavy, must contain language that meets the top-heavy requirements and that will take effect in plan years in which the plans are top-heavy. These …

Mar 28, 2024 · Certain categories of employees, by statute, may be excluded from participating in an employer’s tax-qualified retirement plan.

Oct 17, 2019 · If the plan excludes part-time employees as a classification, continuing to exclude this employee would violate the minimum service requirements. Therefore, caution should be taken if …

Yes. A qualified retirement plan can impose conditions other than age and service for participation, provided that the minimum coverage requirement and, if applicable, the minimum participation …

Note: Once a LTPT employee works 1,000 hours in a 12-month period, they become a “former long-term, part-time employee” and can no longer be excluded from employer contributions or …

Oct 24, 2013 · The Solution: Yes, subject to certain caveats. Employers should consider how they define excluded employees, as well as coverage and nondiscrimination requirements.

Feb 2, 2025 · Retirement plan eligibility for PRN employees depends on employer policies and federal regulations. The Employee Retirement Income Security Act of 1974 (ERISA) mandates that …

Employees in the plan who work part-time, but who work 1,000 hours or more each year, must be credited with a portion of the benefit in proportion to what they would have earned if they were …

In practice, the plan must not allow the assignment or alienation of any employee’s interest in the plan, other than for certain participant loans if they are provided for under the plan terms, and for certain …

For eligibility, both of these requirements must be met; an employee must complete both 1,000 hours of service and 12 months of employment before being credited with a year of service. An employee …