70 pages. "[P]roposed Section 1.401(k)-5(b)(1)(i) generally would define a 'long-term, part-time employee' as an employee who is eligible to participate in a qualified CODA solely by reason of having: [1] completed two consecutive 12-month periods (under proposed Section 1.401(k)-5(b)(1)(iii), 'three consecutive 12-month periods' would be substituted for 'two consecutive 12-month periods' with respect to a plan year beginning in 2024) during each of which the employee is credited with at least 500 hours of service (as defined in section 410(a)(3)(C)); and [2] attained the age specified in section 410(a)(1)(A)(i) by the close of the last of those 12-month periods. However, under proposed Section 1.401(k)-5(b)(1)(ii), long-term, part-time employees would not include: [1] certain employees who are covered by a collective bargaining agreement, [2] employees who are nonresident aliens and who receive no earned income from the employer that constitutes income from sources within the United States, or [3] any other employees described in section 410(b)(3)....

"Under this proposed regulation, an employee would not be a long-term, part-time employee unless the employee becomes eligible to participate in a qualified CODA solely by reason of having completed the applicable number of consecutive 12-month periods during each of which the employee is credited with at least 500 hours of service (as defined in section 410(a)(3)(C))....

"In general, this proposed regulation would permit a plan to use the elapsed time method to determine an employee's eligibility to participate in a qualified CODA.... [A] plan may credit hours of service using equivalency methods permitted under 29 CFR 2530.200b-3. Any equivalency method (or methods) used by a plan must be set forth in the plan document....

"This proposed regulation would set forth rules regarding the date by which a long-term, part-time employee must become eligible to make a cash or deferred election under a qualified CODA (that is, rules regarding the latest permissible entry date for a long-term, part-time employee).... This proposed regulation also includes rules regarding the date on which a 12-month period may begin for purposes of determining an employee's eligibility to participate as a long-term, part-time employee."  MORE >>