In this episode, we are joined by Norma Sharara, BDO Managing Director, National Tax Office, Compensation & Benefits to discuss potential challenges with automatic enrollment and long-term part-time employees, including historical context and expansion to 403(b) plans.

Key Takeaways:

SECURE Act 2.0 Introductions and Provisions

Introducing Norma Sharara [1:28]

Potential challenges with Automatic Enrollment [4:33]

Long-Term Part-Time Employees – Historical Context [11:41]

Long-Term Part-Time Employees – Expansion to 403(b) plans – inclusions and exceptions [13:40]

SECURE 2.0 – distinction of transition period: 3 year vs 2 year [14:40]

Tracking on a year-to-year basis for long-term part-time employees for >500 hours [15:31]

Potential Pitfalls [18:12]

Non-Discrimination Testing Relief and Implications [18:36]

Conclusion [19:41]

Resources:

SECURE 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans

ERISA: Exploring and Understanding SECURE 2.0 webcast

BDO.com

BDO.com/ERISA

Beth Lee Garner on LinkedIn

Norma Sharara on LinkedIn