My question involves personal finance in the State of: WA
Good day all, I am having some issues with the interpretation of the 401K plan that my company has. Based on the below text, when would I be enrolled in the plan?
Thank you!
When exactly I would be eligible for profit sharing, based on below information? I started working in an eligible position 11/1/2013 and completed 1,000 hours by 4/25/2014.
" Profit Sharing Component
If you are an eligible employee and you are at least age 21, you are automatically enrolled in the Profit Sharing Component of the Plan on the Entry Date that coincides with or next follows your completion of one Year of Eligibility Service.
Year of Eligibility Service – You will be credited with one Year of Eligibility Service for purposes of your eligibility to receive Profit Sharing Contributions after you complete 1,000 Hours of Service in a 12 consecutive month period. The first 12 month period starts on your first day of work and ends 12 months later. If you have not completed 1,000 Hours of Service during the first 12 month period, the 12 month period for determining whether you have completed 1,000 Hours of Service is the Plan Year (January 1 through December 31).
Entry Date – the Plan’s Entry dates are January 1 and July 1"
Good day all, I am having some issues with the interpretation of the 401K plan that my company has. Based on the below text, when would I be enrolled in the plan?
Thank you!
When exactly I would be eligible for profit sharing, based on below information? I started working in an eligible position 11/1/2013 and completed 1,000 hours by 4/25/2014.
" Profit Sharing Component
If you are an eligible employee and you are at least age 21, you are automatically enrolled in the Profit Sharing Component of the Plan on the Entry Date that coincides with or next follows your completion of one Year of Eligibility Service.
Year of Eligibility Service – You will be credited with one Year of Eligibility Service for purposes of your eligibility to receive Profit Sharing Contributions after you complete 1,000 Hours of Service in a 12 consecutive month period. The first 12 month period starts on your first day of work and ends 12 months later. If you have not completed 1,000 Hours of Service during the first 12 month period, the 12 month period for determining whether you have completed 1,000 Hours of Service is the Plan Year (January 1 through December 31).
Entry Date – the Plan’s Entry dates are January 1 and July 1"
Personal Investment: 401k Plan Profit Sharing - when Exactly Am I Eligible
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