If the salary-deferral money was not contributed in a timely manner to MetLife by the employer, will the participant receive a Basic Match on that money?
Yes. Each plan year quarter will have a ‘true-up’ component. This means that a recalculation is performed for active workers for the 2nd through 4th quarters of each plan year. If necessary, a Basic Match adjustment is contributed to ensure the participant receives the appropriate Basic Match for the year. A Basic Match adjustment might be necessary if the employer remits a payment that misses the quarter cutoff, or if a participant changes the contribution amount during the year.
Related Questions
- If the salary-deferral money was not contributed in a timely manner to MetLife by the employer, will the participant receive a Basic Match on that money?
- What if I do not pay enough federal income tax in a timely manner for the calendar year 2007?
- When will the Employer Basic Matching contribution be remitted to MetLife?
