As the owner of a beachside hotel, I sponsor a calendar year 401(k) plan for my employees. In the summer we hire many part-time employees to assist with the uptick in guests and activities. Our plan has always required employees to reach age 21 and complete a year of service before becoming eligible. Traditionally, this has meant that these part-time employees have never entered the plan.
Our company sponsors a 401(k) plan, and we want to make sure we do everything correctly. We have a great staff and have put processes in place to help ensure we operate the plan in a compliant manner. With all the moving parts, however, there is still a concern that we might miss something.
Our company’s workload fluctuates throughout the year with big spikes during the summer. As a result, we often hire seasonal workers who help us out during the busy times, but do not work during the regular workload months.
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