On July 1, I became a partner at a small consulting firm. The 401(k) plan has the following requirements for employee participation:
1) 1 year of service
2) Entry only on Jan 1 or July 1 following completion of #1
I started with the firm on August 1, 2017. As such, the partner that manages the plan says I am not eligible to participate until January 1, 2019.
Is this correct? Do the same employee participation rules apply to owners?
I was really hoping I could enroll and max out my 2018 contributions before the end of the year. I have the plan documents, but I cannot speak directly with the plan administrator (Fidelity) about the issue, as I am not enrolled in the plan currently...
Any help or guidance would be much appreciated!!