The Motley Fool Discussion Boards
Retirement Discussions / Retired Fools
|Subject: Re: Profit Sharing Trust (PST)||Date: 4/4/2000 9:14 PM|
|Author: rjm1||Number: 3405 of 19483|
I am fortunate enough to work for a company that offers a PST. I believe that i am eligible for participation however i
have been told that i am not for this year. My start date was 6/28/99-present. the specific participation requirements=
"Employees will be eligible to participate in the plan if they meet all the following requirements: They have completed a
year of service, which is defined as 1,000 hours of service during a consecutive 12 month period." Plan year begins on
April 1st and ends on March 31st. I have easily worked 1,000 hrs and actually approaches 2,000. thanks in advance.
I assume that they agree that you have the 1,000 hours.
But they do not agree that you have worked 12 months as of April 1st.
If you had worked a year and had 900 hours of service you would not be eligible. If you had worked a year and had 1,100 hours you would be eligible.
Your 8 months of service is short by 4 months. The rule is AND not 1 yr or 1,000hrs.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|