What happens if the business hires a full time employee?
If the business intends to hire a full-time employee or it is determined that a part-time employee will work more than a 1000 hours, then the client should contact ERISA Consultants PRIOR to the above circumstances taking place. An amendment to the plan document will have to be completed, year-end compliance testing must be administered and full IRS reporting will be required. Due to the increased services provided by ERISA Consultants, the fee structure will change for the client as they will no longer qualify for the ERISAnswer product. Please contact ERISA Consultants for further detail or download Plan Conversion The Impact of Hiring a Full-Time Employee.
