Expanded Access to 401(k) Plans for Part-Time Workers in 2022

Starting in 2024, part-time workers in the U.S. will have increased access to employer retirement plans under the SECURE Act. The legislation requires employers to extend eligibility for their company retirement plans to part-time employees who work at least 500 hours per year for three consecutive years. This requirement will be reduced to two years starting in 2025. The changes aim to improve retirement savings for part-time workers and encourage small businesses to re-evaluate their retirement benefits. Offering retirement benefits to part-time workers also opens up conversations about saving and investing for these employees.