On October 4, 2024, the IRS published Notice 2024-73 with guidance on the eligibility of long-term, part-time employees for participation in ERISA 403(b) plans under SECURE Act 2.0. This update clarifies how part-time employees can qualify for plan participation based on their tenure.

Additionally, the IRS announced plans to issue final regulations for long-term, part-time employee eligibility in ERISA 401(k) plans. These regulations, originally set to apply to plan years beginning after December 31, 2024, have been delayed and will now apply to plan years beginning on or after January 1, 2026, at the earliest.

See our SECURE Act 2.0 Key Provisions chart:

https://apps.trustmineral.com/resources/charts/57q3su0GHsvjXFqhpdrl1v/details