Press Release

EACH ENTERPRISE Announces Preferred Industry Practices for Payroll/Retirement Plan Data Exchange Reflecting SECURE Act 2.0

Issued by EACH Enterprise

Oct. 8, 2024

East Windsor, CT – The EACH ROUNDTABLE -Implementation is thrilled to announce updated standards for the exchange of payroll data to support retirement plans reflecting the requirements of SECURE Act 2.0. The updated best practice standard is posted HERE on the website of the Coalition for Payroll Excellence.

The SECURE 2.0 Act of 2022 defines as a “long-term part-time” (LTPT) employee as an employee eligible to participate in a plan solely by reason of completing 500 hours of service in a consecutive two-year period. In addition, an LTPT employee must also have reached age 21 by the close of the two-year period. Employees who have met the LTPT requirements continue to be eligible to participate in the plan even if they work less than 500 hours in a subsequent year.

The EACH ROUNDTABLE – Implementation updated the data standards established by the Coalition for Payroll Excellence to include new values for the Status field.  Current Long Term Part Time (LPTP) Employee and Former LPTP Employee are two new values of the Status field in addition to “Ineligible”, “Eligible”, “Active”, “On leave” and “Terminated”.  The data standards now include definitions for each of these values. The new data standards also include a new additional field for FICA wages in addition to plan-definition compensation..

The EACH ROUNDTABLE - Implementation is a virtual and actual forum for members of plan implementation and plan conversion disciplines to exchange views and to collaborate on strategies designed to nurture, enrich and sustain the relationships that are in fact, the American retirement system.  This complex and self-supporting ecosytem reflects the health and wellness of the relationships between Plan Sponsor, Advisor and retirement Plan Participant.  Find out more HERE

Members of the EACH Roundtable in 2024 include Corebridge Financial, Empower, FIS Global / T. Rowe Price, Infosys, John Hancock, OneAmerica, PCS Retirement, The Standard, Trustage, Vanguard, and VOYA Financial.

About EACH Enterprise EACH Enterprise, LLC is dedicated to the institutional retirement plans market, serving investment management firms, recordkeeping service providers, and advisory firms. To learn more about EACH Enterprise, its roundtable, research, and private-labeled initiatives, visit www.EACHEnterprise.com.

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