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401(k) question

  • 1.  401(k) question

    Posted Aug 26, 2020 12:40 PM

    Hello,

     

    At the beginning of the year, my Credit Union froze our pension plan and modified the 401(K) to try and help staff with any shortfalls they might face. As part of that, we implemented, among other things, a discretionary contribution to the 401(K) of up to 5%. My intent wasn't for this to be a profit sharing formula, however I am researching if other CUs might make a contribution to their staff members' 401(k) based on a profit sharing formula. If you do this and would be willing to share your formula, it would be greatly appreciated. Thank you and stay healthy.

     

    Respectfully,

     

    Brett Noll
    Chief Executive Officer
    O: 410.281.6232 | F: 410.281.6207
    www.securityplusfcu.org

    Securityplus
    FEDERAL CREDIT UNION

     


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  • 2.  RE: 401(k) question

    Posted Aug 26, 2020 03:18 PM
    sorry we do not use profit sharing

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    David Proffitt
    President/CEO
    Alcoa Tenn FCU
    Alcoa TN
    865.380.6262
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