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Workers who participate in the gig economy or have a part-time job have historically struggled to find ways to save for retirement. The SECURE 2.0 Act, which became law in December 2022, includes retirement savings opportunities for part-time employees, freelancers and gig workers. The new rules create more ways for workers who do not receive full-time benefits or a pension plan to save for retirement.

Some SECURE 2.0 Act changes for part-time workers include:

• Easier eligibility requirements to join a 401(k) plan.
• A saver’s match.
• Portable retirement accounts.
• Automatic enrollment in retirement plans.
• Ways to prioritize saving.
  

Easier for Part-Time Workers to Join a 401(k)

Prior to the SECURE 2.0 Act, employers had to allow workers to participate in their 401(k) plan if the employees had completed at least one year of service with 1,000 hours or three consecutive years of service with at least 500 hours every year.

Under the new rule, employers will need to adjust their criteria for the plans. “Long-term, part-time workers will see some assistance even sooner,” says Bryan Kuderna, a financial planner based in Shrewsbury, New Jersey, and author of “What Should I Do with My Money?” Provisions of the SECURE 2.0 law reduce the three-year rule to two years for plan years beginning after Dec. 31, 2024.

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Saver’s Match Will Be Available

The saver’s credit is available to lower- and middle-income Americans who...

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