Go Standard
The Go Standard plan is a traditional 401(k) plan design. This plan is great for a company that is looking for more flexibility then a Safe Harbor or SIMPLE 401(k) plan. With the Go Standard plan, matching contributions are discretionary and subject to a 6 year graded vesting schedule. If a participant is terminated, any non-vested contributions will be retained by the company.
Eligibility Requirements:
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1 year of service with at least 1000 hours of service.
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Attainment of age 21.
Entry Dates:
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Either 1/1 or 7/1 once eligibility requirements are met.
Matching Contributions:
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Discretionary.
Vesting:
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6 year Graded Vesting Schedule.
Loans/Hardships:
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Loans and Hardship withdrawals are permitted.
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Minimum loan amount is $1,000.
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Maximum loan amount is one half the vested account balance but no more than $50,000.
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Participants are not permitted to have more than two loans outstanding at any time.
Maximum Deferral Amount:
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The IRS Limit. $16,500 for 2011
Catch Up Contribution:
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The IRS Limit. $5,500 for 2011
Profit Sharing Contribution Limit:
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The IRS Limit: 25% of compensation to a maximum of $49,000 for 2011.