State expansion of 401(k) to part-timers clears House

(The Center Square) – Part-time workers for the state of North Carolina would be able participate in North Carolina’s 401(k) retirement savings plan under a bill that passed the House of Representatives this week and is now pending in the Senate.

The legislation was one of three bills pending in the Legislature related to state retirement benefits and could make it easier for the state to recruit part-time workers, state treasurer Dale Folwell told The Center Square. Folwell’s office requested the legislation, which was introduced by Rep. Carson Smith, R-Pender.

A change in federal law made it possible for states to expand 401(k) participation to part-time employees, the treasurer said.

“This is really the first opportunity we’ve had to put this in place,” Folwell said.

The 401(k) plan is separate from the state’s pension plan, but two other bills in the three-bill package are aimed at increasing the efficiency of the pension
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