Part-time employees may play an important role in your business, which can be a good thing for your bottom line - and can allow welcome flexibility for your employees, too. Many companies, from manufacturing to healthcare, are reaping the benefits of a multifaceted workforce.
But, if you are offering your employees a 401(k) plan as part of your benefits package, it's not safe to assume your part-timers are automatically exempt from the plan. IRS regulations govern this aspect of retirement plans, with formulas for determining minimum age and service requirements, and other stipulations related to part-timers.
This month's newsletter spells out some of the most important need-to-know facts about your part-time team members and your 401(k) program. We hope you'll take a close look, then give us a call. We're here to help you navigate the complexities.