SECURE Act 1

The Part-Time Retirement Plan Participant
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary GovernanceComments are off for this post
The SECURE Act and SECURE 2.0 have increased many part-time employees’ access to employer-sponsored retirement plans. As such, understanding the unique challenges of improving part-time participants’ retirement readiness, and how their needs may differ from those of full-time employees, is essential for sponsors. Common Reasons for Part-time Employment Part-time employees work fewer hours for a  Read More →
New 401(k) Rules: Balancing Access and Savings
Team SummitEmployee Outcomes, Employer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
When considering short-term funding options, participants are often advised to avoid tapping into their 401(k) accounts through loans or hardship withdrawals, as early withdrawals can impede long-term retirement savings. However, the SECURE 2.0 Act of 2022 has introduced more penalty-free emergency withdrawal provisions, offering increased liquidity and flexibility within 401(k) plans. While some see this  Read More →

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