ELIGIBILITY: LONG-TERM PART-TIME EMPLOYEES
01.Core Concepts
• SECURE act permits ”long-term part-time” employees to participate in 401(k) plans by making employee elective contributions, effective after 2020. • Age 21 + three consecutive years of service with at least 500 hours accumulated after December 31, 2020. • Years prior to 2021 do not count. • Eligibility rules for long-term part-time employees amended by SECURE 2.0 Act, beginning in 2025. • Age 21 + two consecutive years of service with at least 500 hours accumulated after December 31, 2022. • Years prior to 2023 do not count.