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jtbrown1111

Safe Harbor 401k Closing / Contribution Requirements

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My employer is closing our 401k Safe Harbor account 8/31/2019.  As of yet they have given no written notice of this and also indicated they would not be required to make the 3% contribution for the year.   Is this correct ?

 

J

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Did they give a "maybe" notice for this year?

Are they going out of business or faced with a heavy financial loss?

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They gave a verbal notice only of the 8/31 close date with a possibility they may keep it open till 12/31 …   We have been acquired by another company and everyone has been told they'll need to move their monies ..

 

J

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I meant last year in  the 30-90 day window what notice was given about the current year safe harbor.

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I don't remember getting any documents or notices from them last year or any year before that  … I've been here 13 years …

J

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I would start by requesting a copy of the 2019 Safe Harbor notice that you should have received sometime in October or November last year.

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You should double-check the language to see if it says the employer WILL make a 3% contribution, versus MAY make a 3% contribution pursuant to a supplemental notice issued 30-90 days before the end of the current plan year.

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