SECURE ACT Update: Coverage and Plan Participation for Long-Term Part-Time Employees

Signed into law on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020, The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement plan rules. As part of our series of continuing updates on different aspects of the SECURE Act that may impact (or provide opportunities for) employers that sponsor retirement plans (with our earlier alerts in this series available here, and here), this alert provides an overview of changes to rules related to the eligibility of long-term part-time employees to contribute to employer-sponsored 401(k) plans.

Please see full Alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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