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Are You Counting LTPTEs for Your 401(k) Plan?
Nelson Mullins Link to more items from this source
[Guidance Overview]
Nov. 3, 2020

"The [SECURE Act] made changes in the qualified plan rules for eligibility and vesting with respect to so-called 'long-term part-time' employees (LTPTE). The changes are designed to allow LTPTEs to make elective deferrals to a 401(k) plan and, if the employer chooses to provide matching or nonelective contributions to LTPTEs, to permit vesting service based on 500 Hours of Service rather than 1000 Hours of Service. While the first LTPTEs will be eligible to elect deferrals in 2024, employers with 401(k) plans need to start now to identify and prepare for LTPTEs."

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