New IRS Regs on 401(k) Eligibility for Long-Term Part-Time Employees: Key Issues and Next-Steps for Plan Sponsors
Note: CPE credit is not offered on this program
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will provide employee benefits counsel and plan sponsors guidance on new IRS regulations for 401(k) eligibility for long-term part-time (LTPT) employees. The panel will discuss key provisions of the new IRS regulations and the impact on eligibility and participation requirements, determining whether an employee is an LTPT employee, vesting requirements for LTPT employees, and other notable items.
Outline
- Recent IRS guidance for LTPT employees in defined contribution plans
- Impact of SECURE Act and SECURE 2.0
- Determining who are LTPT employees
- LTPT employee eligibility for plan participation
- When they can begin participating
- Counting hours
- Acceptable methods for crediting service
- Vesting
- Contributions
- Next steps for plan sponsors and administrators
Benefits
The panel will discuss these and other key issues:
- Determining who are LTPT employees under recent IRS guidance
- What happens when a LTPT employee who is eligible to participate in CODA later ceases to be a LTPT?
- When can LTPT employees begin participating in the plan?
- What are acceptable methods for crediting service?
- Best practices and next steps for plan sponsors and administrators
Faculty
Nicole D. Bogard
Partner
Barnes & Thornburg
Ms. Bogard practices in the firm's Employee Benefits & Executive Compensation Department where she collaborates... | Read More
Ms. Bogard practices in the firm's Employee Benefits & Executive Compensation Department where she collaborates with executives, in-house counsel and human resource professionals at publicly traded and private companies to design compliant total rewards programs that facilitate business objectives. She has considerable experience with counseling clients on the Affordable Care Act, HIPAA privacy and security rules, wellness programs, self-funded health plans, COBRA administration, and nondiscrimination rules. Ms. Bogard also represents clients with matters before the IRS and the DOL.
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Lori L. Shannon
Partner
Barnes & Thornburg
Ms. Shannon counsels private and public companies and tax-exempt entities on the design and implementation of... | Read More
Ms. Shannon counsels private and public companies and tax-exempt entities on the design and implementation of employee benefit and executive compensation plans and arrangements. She advises clients in regard to tax-qualified retirement plans, 403(b) plans, health and welfare benefit plans, nonqualified deferred compensation plans and equity-based incentive plans. Ms. Shannon assists clients, many in the professional services arena, with the design and drafting of executive and physician employment agreements, as well as severance, retention and change in control agreements.
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