Genesco Salary Deferral Plan

Left in 2020, 2022? Worth asking about employer money

• In plan year 2020, active participants fell from 6,882 to 4,718 (31%), and 5,941 people left before they were fully vested. When a plan loses about 20% or more of its participants in a year, the IRS presumes a partial plan termination (Revenue Ruling 2007-43). Everyone who left in that period must then be fully vested in the employer's contributions. A 2021 law (Consolidated Appropriations Act, section 209) can excuse a drop between March 2020 and March 2021 if the plan had rehired enough people by March 31, 2021. Informe
• In plan year 2022, active participants fell from 6,587 to 5,169 (22%), and 3,937 people left before they were fully vested. When a plan loses about 20% or more of its participants in a year, the IRS presumes a partial plan termination (Revenue Ruling 2007-43). Everyone who left in that period must then be fully vested in the employer's contributions. Informe

This is a reason to ask the plan, not a finding. The plan decides, and it may show the drop was routine.

Check my years

¿Trabajó aquí?

Revise sus años. Le mostramos si el plan se fusionó o movió dinero mientras usted estaba allí, y preparamos la carta al plan que lo tiene hoy.

Check my years