Spencer Fane attorney Beth Miller recently published an article featured in BenefitsPro reminding plan sponsors of possibly overlooked aspects of the SECURE and CARES Acts.
Titled “An Important SECURE and CARES Act Reminder for Plan Administrators,” Beth’s article outlines new eligibility requirements under the SECURE Act for certain part-time employees that take effect January 1, 2021.
“These eligibility changes will increase administrative complexity, may increase administration costs, and present additional risk for administrative errors,” Beth explains in the article. “Thus, plan sponsors may want to consider the advantages (and disadvantages) of amending the plan to eliminate hours-based eligibility criteria for all employees.”
Because some plan sponsors made impromptu decisions regarding plan changes under the CARES Act, the article also encourages plan sponsors to review their plan’s administrative procedures to determine if (and how) such changes were implemented.
To read the full article, please click here.