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Reminder for 401(k) Plan Sponsors: Long-Term, Part-Time Employee Eligibility Requirements Take Effect in 2021
Faegre Drinker 
[Guidance Overview] Aug. 10, 2020 "Plan sponsors will have to address a number of related issues under 401(k) plans, including service crediting for vesting purposes, whether part-time employees will also be eligible for employer contributions under the plan (the SECURE Act change requires coverage for elective deferral purposes only, but a plan sponsor may want to align deferral eligibility with eligibility for employer contributions), and whether to exclude the long-term, part-time employees from nondiscrimination and coverage testing[.]" |
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