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Who Is a Long-Term, Part-Time Employee? 401(k) Plans Will Need to Know

Dec 10, 2020

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 will need to consider these employees for eligibility, vesting, and company contribution purposes. (Read More)

Article By: Ron Pierce © Fisher Phillips

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