FAQ 1114: Long Term Part-time Employee on ASC Valuation Software

Problem: How will ASC be implementing the Long Term Part-time Employee rules in the Valuation software?

Solution: The system handles the tracking of employees' hours and history so it already has the basis of what will be needed. Programming will be done once the actual rules are clarified. As mentioned in our webcast and others, it is much more complicated than it looks on the surface (e.g. exclusions, groups, status, compliance tests, vesting). We have a couple of ways we're considering implementing in ASC. For those clients keeping accurate Hours history on ASC, the system will be able to determine who meets the criteria. For the clients who do not keep Hours history, we will provide some type of override indicator in the Employee record to set their status. We will provide more details before the rules become effective, but it will likely be in 2022. It is important that users who expect the system to identify these employees begin keeping accurate Hours in 2021.