New employee / existing SIMPLE plan
Hi there,
I want to make sure I understand…
We have an existing SIMPLE Plan that has full eligibility. It is my understanding that since this is a full eligibility plan, this new employee can enroll April 1, 2022?
Hi there,
I want to make sure I understand…
We have an existing SIMPLE Plan that has full eligibility. It is my understanding that since this is a full eligibility plan, this new employee can enroll April 1, 2022?
Permalink Submitted by Alan - IRA critic on Wed, 2022-03-23 22:31
Per Notice 98-4, E-1:
‘During these 60-day periods, employees have the right to modify their salary reduction agreements without restrictions. In addition, for the year in which an employee becomes eligible to make salary reduction contributions, the employee must be able to commence these contributions as soon as the employee becomes eligible, regardless of whether the 60-day period has ended.’
Permalink Submitted by Alan - IRA critic on Wed, 2022-03-23 22:31
Per Notice 98-4, E-1:
‘During these 60-day periods, employees have the right to modify their salary reduction agreements without restrictions. In addition, for the year in which an employee becomes eligible to make salary reduction contributions, the employee must be able to commence these contributions as soon as the employee becomes eligible, regardless of whether the 60-day period has ended.’