Retirement Plans

Background on 401k Eligibility Prior to the passage of the SECURE Act, employers could exclude long-term part-time employees (LTPT employees) that worked fewer than 1,000 hours per year from employer 401k contributions.  This was done by implementing a one year of service waiting period requirement.  The “one-year service” was defined as a 12 consecutive month period where the employee worked at least 1,000 hours. How 401k Eligibility Changes with The SECURE Act The SECURE Act

For the first time since the passage of the Pension Protection Act (PPA) in 2006, Congress forwarded and the president signed a major piece of retirement legislation. Referred to as the Setting Every Community up for Retirement Enhancement Act (SECURE Act), the law includes a number of provisions that will undoubtedly change the retirement landscape. Although it is early and specific details are scant, we thought we would take the opportunity to comment on a