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thepensionmaven

SECURE ACT no safe harbor notices after 12/31/2019

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The 2020 SHNE Notice was given out prior to the effective date of the SECURE ACT.  The Notice stated the SHNE contribution will be made, if the client decides that due to economic reasons, the contribution will not be made, doesn't some notice need to be given out taking back the prior notice??

If not, the participants will not be receiving the 3% contribution and they may be expecting it.

But then again, you'd be giving out a notice even though there is no notice required?

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Yes, when they remove the Safe Harbor in 2020, they will amend the plan with a 30 days notice to employees. They will be required to pay the 3% SH through the date of the amendment effective date.

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