https://nwcm.com/wp-content/uploads/2016/09/New-Logo-for-Header.jpg 0 0 Fred Payne https://nwcm.com/wp-content/uploads/2016/09/New-Logo-for-Header.jpg Fred Payne2017-07-02 09:31:102017-07-02 09:31:10Can I participate in my company’s 401(k) plan?
- You first need to fulfill certain conditions, such as:
- Attainment of a certain age, usually 21
- Number of Hours of Service, for example 1,000
- The ability to defer into the 401(k) vs. eligibility to receive an employer contribution can have different condtions attached to each
- Next, you must wait until an “entry” date. Examples of entry dates are the next January 1 or July 1; or the first day of the calendar quarter;
- There could be different Entry Dates for deferring into the 401(k) vs. being eligible to receive an employer match
- Eligibility conditions will be spelled out in the plan’s Summary Plan Description (“SPD”). If you do not have a copy of the SPD, ask your HR Department for one.