New bill expands retirement option: Key takeaways There may be more employees eligible to participate in your 401(k) plan – and they may be able to contribute higher amounts – if a new bill becomes law. Under the Setting Every Community UP for Retirement Enhancement (SECURE) Act of 2019, employers would have more options when establishing retirement plans. Contributions & participants For starters, companies with qualified automatic enrollment safe harbor plans would be able to automatically contribute up to 15% of employees’ pay to their 401(k) plans, depending on how long they’ve participated. The current limit is 10%. Part-time workers would also have a chance to enroll in your 401(k) plan. The SECURE Act would require employers to allow part-time workers to participate in retirement plans after they’ve completed 500 hours of service each year for the employer during here consecutive years. Because the bill has bipartisan support, and it’s already passed the House, it could likely become law. More info: