Alerts8.11.20
Still Time to Make Midyear Amendments to Safe Harbor Defined Contribution Plans
The IRS issued Notice 2020-52 to provide temporary relief to sponsors of safe harbor defined contribution plans who make midyear plan changes
The COVID-19 pandemic caused many businesses to struggle. As a result, some plan sponsors have considered suspending, or have already suspended, safe harbor matching contributions or safe harbor nonelective contributions in 2020 to defined contribution plans (i.e., 401(k) plans and 403(b) plans that are deemed to satisfy certain nondiscrimination testing requirements because they include specified minimum matching or nonelective contribution provisions).
Keep Up to Date in a Changing World
Do you want to receive more valuable insights directly in your inbox? Visit our subscription center and let us know what you’re interested in learning more about.
