Jakyasar Posted November 19, 2020 Share Posted November 19, 2020 To confirm, a brand new 401k plan with safe harbor provisions for 2021 has to be adopted by 12/31/2020?? Link to comment Share on other sites More sharing options...
C. B. Zeller Posted November 19, 2020 Share Posted November 19, 2020 The 401(k) portion of the plan has to be in effect for at least 3 months in the first plan year. They would have to adopt by 9/30/2021 if they want to be safe harbor for 2021. Luke Bailey 1 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co Link to comment Share on other sites More sharing options...
CuseFan Posted November 19, 2020 Share Posted November 19, 2020 You could adopt any time up till then (9/30) with the SH (and PS, if applicable) effective back to 1/1, if desired, but deferrals cannot begin until after the plan is adopted. Luke Bailey 1 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com Link to comment Share on other sites More sharing options...
Jakyasar Posted November 19, 2020 Author Share Posted November 19, 2020 Thank you both Link to comment Share on other sites More sharing options...
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