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What Is the SECURE Act?

September 25, 2020

Via: HR Hero
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If your organization offers any type of retirement benefit, perhaps you’re already familiar with the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The majority of this legislation went into effect at the beginning of 2020 and made some interesting changes to various retirement plan contribution and withdrawal rules.

Changes for Employers
Let’s look at some of these changes. For employers, here are some of the biggest changes:

  • Part-time workers with at least 1,000 hours worked per year (or, for long-term part-time employees, 500 hours over 3 years) will soon be eligible to participate in 401(k) plans. This could represent a big administrative change for employers once it goes into effect in 2024.

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