Section 1 One-year reduction in period of service requirement for long-term, part-time workers
In general— Section 401(k)(2)(D)(ii) of the Internal Revenue Code of 1986 is amended by striking “3” and inserting “2”.
Clarification of prior service for purposes of vesting rules— Section 112(b) of the Setting Every Community Up for Retirement Enhancement Act of 2019 is amended by striking “section 401(k)(2)(D)(ii)” and inserting “paragraphs (2)(D)(ii) and (15)(B)(iii) of section 401(k)”.
Effective date— The amendments made by this section shall take effect as if included in the enactment of section 112 of the Setting Every Community Up for Retirement Enhancement Act of 2019.