401(k) ELIGIBILITY
01.Core Concepts
• The standard eligibility rules for qualified plans are that the employee must have attained the age of 21 and worked one year of service (defined as 1,000 hours within a 12-month period). • Long-term part-time employees who are age 21 and worked at least 500 hours in three consecutive years may make employee contributions beginning in 2024 (years of service before 2021 do not count). • Reduced to two years after December 31, 2024 (years of service before 2023 do not count). • Employer matching or nonelective contributions for these employees is optional to the employer.