Under the SECURE Act, 401(k) plan sponsors will be required to have a dual eligibility requirement under which an employee must complete either a one-year-of-service requirement (with the 1,000-hour rule) or three consecutive years of service where the employee completes more than 500 hours of service.<\/p>\n\n\n\n
The Internal Revenue Service has advised that<\/em> all years of service with the employer or employers maintaining the plan must be taken into account for purposes of determining a long-term, part-time employee\u2019s vesting, all years of service with the employer or employers maintaining the plan must be taken into account, including 12-month periods beginning before Jan. 1, 2021.<\/p>\n <\/span><\/p>","protected":false},"excerpt":{"rendered":" Under the SECURE Act, 401(k) plan sponsors will be required to have a dual eligibility requirement under which an employee must complete either a one-year-of-service requirement (with the 1,000-hour rule) or three consecutive years of service where the employee completes … Continue reading