Discover the SECURE Act’s impact on plan eligibility and requirements for Long Term Part Time (LTPT) employees. Learn about changes, tracking hours, and employer contributions.
The SECURE Act was signed into law on December 20, 2019. Your plan will require an amendment prior to the end of your 2022 plan year. Below are provisions that you will be able to elect in the plan amendment: Qualified Birth or Adoption Distribution (“QBAD”): A...
If your plan requires employees to work 1,000 hours in a 12-month period to become eligible, you’ll soon need to start watching hours more closely. Having this 1,000-hour rule generally excludes those employees who work part-time, seasonal or temporary. ...
The SECURE Act was recently passed effective 1-1-2020 and, since then, there has been a lot of communication regarding the passage of the CARES Act due to Covid19. Both of these acts affect how RMD’s are to be processed in 2020, 2021 and onward. The following is a...
The market drop of December 2018 seems like ages ago, considering recent market volatility, Coronavirus, and the missing March Madness. However, the December 2018 drop did result in lower AFTAPs for many calendar-year plans. Unless your plan’s AFTAP has been certified...