DE Under 3: U.S. GAO Report on Military Spouse Employment Focused on Challenges of Part-Time Work
Primer for Nonprofits on Paid Employees, Volunteers, and Interns
On November 24, 2023, the Internal Revenue Service (IRS) proposed long-awaited regulations providing guidance on the required coverage of long-term, part-time employees (LTPTEs) under the Setting Every Community Up for...more
The Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) requires plans to permit employees who work at least 500 hours but less than 1,000 hours in three consecutive 12-month periods to make elective...more
In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Under the SECURE...more
In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Following the...more
In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Together, the SECURE...more
Historically, qualified retirement plans have excluded part-time employees from participation. An employer’s ability to do so has now been limited by the Setting Every Community Up for Retirement Enhancement Act (“SECURE...more
In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Together, the...more
Together, the SECURE Act and the SECURE 2.0 Act feature numerous changes to retirement plan rules that aim to help employees achieve retirement security by ensuring that more workers have access to retirement plans, can save...more
Newly issued IRS Proposed Regulations regarding the special eligibility and vesting requirements for long-term, part-time employees provide guidance that 401(k) plan sponsors have been waiting for since these requirements...more
The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time...more
On November 27, 2023, the IRS published proposed regulations clarifying the rules for long‑term, part-time employees (“LTPT employees”). The new rules — long-awaited since enactment of the SECURE Act in December 2019 —...more
On November 24, 2023, the IRS released the long-awaited Proposed Regulations addressing the changes made by the SECURE Act and SECURE 2.0 related to long-term, part-time employees (“LTPTs”) in 401(k) plans. While the IRS...more
Seyfarth Synopsis: It’s here for your post-Thanksgiving turkey hangover reading pleasure! The Department of Treasury and IRS released on Friday (in the middle of most people’s long holiday weekend) their proposed rules for...more
The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...more
The Senate ushered in the New Year with a bang by passing SECURE 2.0 on December 22, 2022. SECURE 2.0 includes many updates to the sweeping changes brought about under 2019’s original SECURE Act legislation...more
The House and Senate are moving forward on several versions of legislation, which are collectively known as the “Secure Act 2.0” because they would build off of the Secure Act, the last major retirement plan legislation...more
The Internal Revenue Service (IRS) recently issued practical and helpful guidance in a question-and-answer format for tax-qualified retirement plans and for an Individual Retirement Arrangement (IRA), regarding the...more
All 401(k) retirement plans have special age and service rules that employees have to meet to become eligible to participate and to vest in employer contributions to those plans. In Notice 2020-68, the IRS explains the new...more
The SECURE Act was adopted in December 2019. As previously discussed, one of its provisions requires every 401(k) plan to permit “long-term” part-time employees to make elective deferrals for plan years beginning on or after...more
On December 20, 2019, federal legislation approving spending limits for the 2020 fiscal year was signed into law. Included in the legislation is the Setting Every Community Up for Retirement Enhancement Act of 2019 (the...more
In Notice 2018-95, released on December 4, 2018, the Internal Revenue Service (IRS) formally announced a “once-in-always-in” interpretation of the section 403(b) participation exclusion for part-time employees and provided...more
The IRS recently released Notice 2018-95 to provide transition relief to 403(b) plan sponsors that improperly excluded part-time employees from making elective deferrals under their plans. Employers must begin to operate the...more
On December 4, 2018, the Internal Revenue Service issued Notice 2018-95 (the “Notice”), which clarifies the application of the Internal Revenue Code (the “Code”) Section 403(b) plan “universal availability” rule to part-time...more