Oct 16, 2024
IRS Issues FAQs Regarding Long-Term Part-Time Employees in 403(b) Plans
The IRS recently issued Notice 2024-73, which provides much-needed guidance on long-term, part-time (“LTPT”) employees in ERISA-governed 403(b) retirement plans. Following passage of the SECURE 2.0 Act, an employee is generally considered a LTPT employee if he or she works at least 500 hours per year for two consecutive years. Among other items, the Notice sets forth the IRS position on the…