Who Is a Long-Term, Part-Time Employee?
Business Owners With 401(k) Plans Will Need to Know
Historically, 401(k) plans could exclude individuals who worked less than 1,000 hours in the plan year. However, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, in its effort to expand access to employer retirement plans, introduced the concept of a “long-term, part-time employee.” Starting in 2021, plans need to consider these employees for eligibility and vesting purposes. Read More »
Who Is a Long-Term, Part-Time Employee?
Your Clients With 401(k) Plans Will Need to Know
Historically, 401(k) plans could exclude individuals who worked less than 1,000 hours in the plan year. However, the Setting Every Community Up for Retirement Enhancement (SECURE) Act, in its effort to expand access to employer retirement plans, introduced the concept of a “long-term, part-time employee.” Starting in 2021, plans need to consider these employees for eligibility and vesting purposes. Read More »
