Good afternoon,
I have a question on the new Safe Harbor plan guidance. Sorry it's my first time posting and I don't know how to start a new thread. A mid-year change to the definition of compensation used to determine matching contributions that increases the amount of matching contributions is prohibited (section IIID). Does that imply that changing the definition of compensation midyear which reduces the matching contribution is allowed?
I've seen the rules about reducing or suspending a safe harbor match, but in my case the company isn't reducing its match for example, from 4 to 3%, it's changing the definition of compensation which would likely result in a reduced match.
Any help would be appreciated.
Thanks!
