Once the age and service requirements are met, an employee must begin participating no later than the earlier of the following: - day of the first plan year beginning after the date on which the requirements were satisfied. • The months after the date on which the requirements were satisfied.
Once the age and service requirements are met, an employee must begin participating no later than the earlier of the following: - day of the first plan year beginning after the date on which the requirements were satisfied. • The months after the date on which the requirements were satisfied.
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 14CE
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Question
![Tax Drill - Participation Requirements
Complete the following statements regarding plan participation and coverage requirements.
A qualified plan must provide, at a minimum, that all employees in the covered group who are
years of age be
of service. A year of service is generally defined as the completion of
hours of service within a measuring period of 12 consecutive months. As an alternative, where the plan provides that
eligible to participate after completing
percent of an employee's accrued benefits will be vested upon entering the plan, the employee's participation may be
postponed until the later of age
from the date of employment.
or
Once the age and service requirements are met, an employee must begin participating no later than the earlier of the following:
• The
day of the first plan year beginning after the date on which the requirements were satisfied.
months after the date on which the requirements were satisfied.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa7ebd3dc-80e3-4b15-a64f-280f53331561%2F0c5aa080-fb18-479c-bb13-27a97ef7a853%2F69oyi1r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Tax Drill - Participation Requirements
Complete the following statements regarding plan participation and coverage requirements.
A qualified plan must provide, at a minimum, that all employees in the covered group who are
years of age be
of service. A year of service is generally defined as the completion of
hours of service within a measuring period of 12 consecutive months. As an alternative, where the plan provides that
eligible to participate after completing
percent of an employee's accrued benefits will be vested upon entering the plan, the employee's participation may be
postponed until the later of age
from the date of employment.
or
Once the age and service requirements are met, an employee must begin participating no later than the earlier of the following:
• The
day of the first plan year beginning after the date on which the requirements were satisfied.
months after the date on which the requirements were satisfied.
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