{"id":2252827,"date":"2024-05-25T14:29:02","date_gmt":"2024-05-25T18:29:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-expansion-of-401k-to-part-timers-clears-house\/"},"modified":"2024-05-25T14:32:09","modified_gmt":"2024-05-25T18:32:09","slug":"state-expansion-of-401k-to-part-timers-clears-house","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/state-expansion-of-401k-to-part-timers-clears-house\/","title":{"rendered":"Expansion of 401(k) for part-time workers passes in the House"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fstate-expansion-of-401k-to-part-timers-clears-house%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2252827&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The North Carolina \u2063House of Representatives approved a\u2062 bill allowing part-time state employees to enroll in the state&#8217;s 401(k) \u200cplan.\u2064 This \u2063move, part of three\u2062 pending bills, aims\u2063 to improve <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-jerseys-debt-skyrockets-from-public-employee-pensions-benefits\/\" title=\"New Jersey\u2019s Debt Skyrockets From Public Employee Pensions, Benefits\">state retirement benefits<\/a> and enhance the recruitment of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/these-21-states-are-opting-out-of-enhanced-unemployment-benefits-heres-what-you-need-to-know\/\" title=\"These 21 States Are Opting Out Of Enhanced Unemployment Benefits. Here\u2019s What You Need To Know.\">part-time workers<\/a>. The bill now awaits consideration in \u200cthe Senate. The North Carolina \u2064House\u200d of\u200b Representatives has passed \u2063a bill enabling part-time state\u2063 employees to join the state&#8217;s 401(k) plan. This initiative, part of three pending bills, is \u200ddesigned to enhance state retirement benefits and attract more part-time \u2062workers. The \u200bbill is currently awaiting review \u200cin\u200c the Senate.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>(The Center Square) \u2013 Part-time workers for the state of North Carolina would be able participate in North Carolina\u2019s 401(k) retirement savings plan under a bill that passed the House of Representatives this week and is now pending in the Senate.<\/p>\n<p>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\u2019s office requested the legislation, which was introduced by Rep. Carson Smith, R-Pender.<\/p>\n<p>A change in federal law made it possible for states to expand 401(k) participation to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/racial-consultants-took-ppp-loans-intended-for-struggling-businesses-despite-industrys-boom\/\" title=\"Racial Consultants Took PPP Loans Intended For Struggling Businesses Despite Industry\u2019s Boom\">part-time employees<\/a>, the treasurer said.<\/p>\n<p>\u201cThis is really the first opportunity we\u2019ve had to put this in place,\u201d Folwell said.<\/p>\n<p>The 401(k) plan is separate from the state\u2019s pension plan, but two other bills in the three-bill package are aimed at increasing the efficiency of the pension system, the treasurer said.<\/p>\n<p>\u201cThe General Assembly has worked very closely with us over the last eight years to make sure we are doing everything we can to not only simplify but also sustain the pension plan for the next generation of public-service workers,\u201d Folwell said.<\/p>\n<p>House Bill 989 reorganizes and standardizes the rules and procedures for employees who have worked at other government agencies to purchase credit for a portion of that work in the North Carolina pension plan. This is the third revision of the rules in the last few years and the changes have reduced the costs of administering the pension plan, Folwell said.<\/p>\n<p>Before the revisions, there were 88 different ways to purchase the credits, the treasurer said. State agencies had different rules and formulas for the purchases.<\/p>\n<p>\u201cThese changes make it easier for our customers, the human resources departments, to have something simple that they can understand,\u201d Folwell said. \u201cAt the end of the day, everything we do is to save money and keep the plan going.\u201d<\/p>\n<p>Eliminating confusion over those rules can also help the state recruit employees who have worked at other government agencies, Folwell added.<\/p>\n<p>North Carolina\u2019s pension plan is sound, the treasurer said.<\/p>\n<p>\u201cIt\u2019s one of the best-funded pension plans in the United States,\u201d he said. \u201cIt just got its second designation, back-to-back, of being the most efficient pension plan in the United States.\u201d<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Part-time workers in North Carolina may join the state&#8217;s 401(k) plan, with a bill passing the House and awaiting Senate approval. This legislation, among three pending bills, focuses on enhancing state retirement benefits<\/p>\n","protected":false},"author":1,"featured_media":2252828,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/04\/AP23221458426690-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2252827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/04\/AP23221458426690-1024x683.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2252827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2252827"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2252827\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2252828"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2252827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2252827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2252827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}