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Easier Retirement Plan Access for Long-Term Part-Time Employees.

This bill reduces the required service period for long-term, part-time employees to join company retirement plans. Instead of three years, only two years of service will now be needed, making it easier for them to save for their future. This change aims to improve access to retirement benefits for part-time workers.
Key points
Reduced service requirement from three to two years for part-time employees to participate in retirement plans.
More part-time workers will gain access to employer-sponsored retirement savings.
The changes are retroactive, potentially covering previous periods of employment.
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Additional Information
To amend the Internal Revenue Code of 1986 to reduce the retirement plan period of service requirements for long-term, part-time employees.
Print number: HR 2944
Sponsor: Rep. Sewell, Terri A. [D-AL-7]
Process start date: 2021-04-30