MarZDoates
Dec 20 2002, 10:28 AM
Can a SEP that currently has a 2 year service requirement be amended to 3 years?
Gary Lesser
Dec 26 2002, 10:30 AM
The amendment if made before the contribution is made is allowable. However, there is an unsettled issue if "prohibited group members" could not have met the new eligibility requirement at the time the plan was originally adopted. The IRS has never issued any guidance with respect to rolling eligibility under a SEP.