Employers are required to make either a matching or non-elective contribution. Employee contributions are determined annually by each employee. Employee contributions must be deferred in the calendar year they are earned. Employer discretionary contributions must be made by tax filing deadline plus extensions. Employees with 21 years of age and at least 1 year of service.
Employers can choose to be less restrictive.
Immediate vesting upon entry into plan. Yes, plan can permit loans. Plan documents need to be executed before employee contributions can be deferred. 1999-2001 UBS PaineWebber Inc. All rights reserved.