After a long period of anticipation, the Department of Treasury and IRS have finally released their proposed rules for long-term part-time employees. The release, made on Thanksgiving Friday, comes as a relief to many who have had burning questions since the introduction of the new eligibility standards under the SECURE Act back in 2019.
The announcement was made much to the surprise of many, as it landed amidst most people’s long holiday weekend. However, it was greeted with much eagerness, signaling a significant development for many corporations and law firms concerned about this regulatory matter.
The SECURE Act presented a new set of regulations, the effects of which many legal professionals and corporations alike have grappled with. Until now, the lack of guidance for long-term part-time employees under the Act meant many unknowns remained over its implementation.
With the release of these proposed regulations, long-term part-time employees finally have a greater understanding of their standing under the Act. Most importantly, these proposed rules present an answer to many long-standing questions.
Crafted by the Seyfarth Shaw LLP, the guidance has been welcomed by legal professionals working in some of the world’s biggest corporations and law firms, providing vital insights and advising on the complex landscape of employment law.
Further information regarding these proposed rules by the Department of Treasury and IRS for long-term part-time employees can be found here.