Bill > HR5873

This bill amends the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code to improve part-time workers' access to retirement plans. The key provisions include: 1. Allowing part-time employees who work at least 500 hours per year for two consecutive years and are at least 21 years old to participate in qualified cash or deferred arrangement retirement plans (e.g. 401(k) plans) or salary reduction agreements (e.g. 403(b) plans), even if they do not meet the normal service requirements. 2. Allowing employers to exclude these part-time employees from certain non-discrimination testing and top-heavy rules. 3. Allowing these part-time employees to have their years of service counted for vesting purposes, with some exceptions. 4. Clarifying that 12-month periods before January 1, 2021, do not count towards the 24-month eligibility period for part-time employees. The overall purpose of the bill is to improve retirement plan coverage for part-time workers by making it easier for them to participate in and vest in employer-sponsored retirement plans.

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https://www.congress.gov/bill/117th-congress/house-bill/5873/all-info