Labor & Employment Developments Blog

On May 23, 2019, the House approved the “Setting Every Community Up for Retirement Enhancement (“SECURE Act”) by a vote of 417-3.  The SECURE Act generally provides for an increase in retirement savings and improves portability of lifetime income options between plans (Summary). More specifically, the SECURE Act includes provisions that:

• Require 401(k) plans to offer participation to part-time employees who work at least 500 hours in three consecutive years;
• Simplify the 401(k) safe harbor rules relating to the notice requirement and limits on plan amendments;
• Increase ...