full-time employees when they WHAT DOES THIS MEAN FOR meet the months-of-service YOUR CO-OP? requirement. l You should already be tracking The three consecutive year hours so that you know when a requirement set up by SECURE 1.0 part-time employee has worked applies to 2024 plan entries. In 1,000 hours and becomes 2025, the service requirement eligible to participate in the is reduced to two consecutive 401(k) Plan. years. This means that a part-time employee who works 500 or more l For part-time employees, you but fewer than 1,000 hours in: must check for eligibility under both the 1,000-hour method l 2021, 2022 and 2023 becomes and the long-term, part-time eligible in 2024 under methods. As you do, keep in SECURE 1.0 mind the e昀昀ective dates of 2024 and 2025 as well as the l 2023 and 2024 becomes eligible years of service that must be in 2025 under SECURE 2.0 disregarded. Further regulatory guidance is needed so that co-ops and NRECA l can apply the new rule by the applicable e昀昀ective date(s). By tracking hours, co-ops can be ready to o昀昀er participation in 2024 to the 昀椀rst group of eligible employees. Watch these pages and NRECA Employee Bene昀椀ts Weekly in the coming months for details about how to implement SECURE 2.0 changes. In the meantime, remember the following points: l Review your 401(k) Plan’s eligibility requirements and excluded classes, found in Sections 1.B and 3 of your adoption agreement. If your plan has a months-of-service requirement, continue to enroll BENEFITS BULLETIN SPRING 2023 11