In order to start contributing to your 401(k) Plan, you will need to satisfy the eligibility requirements to participate as outlined by your specific Plan. Once you have satisfied those requirements, you will then enter the Plan, when you can begin contributing, on a date also determined by your Plan.
Specific eligibility and entry requirements for your Plan with Jocelyn Pension Consulting, are outlined in the Summary Plan Description for your Plan.
You can access the Summary Plan Description online via your participant account at Jocelyn Pension Consulting. If you do not have access to the website yet, please reach out to your Human Resources Department or contact us at 866-840-6441 for a copy.
Once you have logged in to your account, from your dashboard select the Forms & Reports menu and then Annual Notices, Forms & Fee Disclosures.
In the Annual Notices, Forms & Fee Disclosures window, expand the Form Group: Disclosures & Plan Documents and then select Summary Plan Description. The file will automatically download.
For information regarding Eligibility and Entry dates, reference Appendix I - Participation in the Plan at the beginning of the Summary Plan Description.
To become Eligible to contribute to the Plan, you typically need to satisfy a work requirement, for example, 3 months of service, as well as an age requirement, usually age 21. Once you have met those requirements, you are Eligible to participate in the Plan.
However, once you become Eligible, you will not Enter the Plan until the entry date specified in the Summary Plan Description, for example, the first day of the month coinciding with or the next one after you have met eligibility.
EXAMPLE: Eligibility requirements of 3 months of services, and age 21; Entry is the first day of the month coinciding with or the next one after you have met eligibility.
Hire Date: 4/7/23
Eligibility Date: 7/7/23
Entry Date: 8/1/23