Can a company have a 3 year wait for a company contribution?
e.g. Company does not want to contribute the amount of the monthly profit sharing to all eligible’s until the employee has completed 3 years of service. So at the end of year 3 all eligibles would get ######% on a monthly basis and it would be 100% vested.
I want to know if they allow this in a 403b plan if written today?
The 401b is suppose to look like the 401k now and the 401k does not allow it, 2 years is the longest, end of year 2 beginning of year 3.
Also if they have an existing 403B, is it allowed? Or they need to change this?
This is not a vesting question.