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(6/9) Handling the SECURE Act’s Mandate to Let Part-Timers into the 401(k) Plan

By Joanne Kaldy / June 9, 2020

Part of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 is an effort to expand retirement plan coverage to part-time workers. Here are a few details you need to know before you act:

  • To be eligible, employees must work between 500 and 999 hours per year for three consecutive years.
  • The new rule only applies to elective deferrals; a plan can impose a service requirement that excludes many part-timers.
  • A plan may impose age requirements for eligible employees.
  • It applies to all 401(k) plans, but not other types of elective deferral plans (such as 403(b) and 457(b) plans).
  • You need to start tracking hours beginning next year.

While employers should attend to this rule now, experts don’t expect “droves” of part-timers contributing to plans. Therefore, they say, average account balances shouldn’t be negatively affected.

Read the full article.

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