Reducing employer match formula at midyear?

[Guest pmetallic]

An employer has a discretionary match in their 410(k) plan which is pay with each payroll. In trying to cut costs, they are considering reducing their matching formula in the middle of the plan year. My research indicates this is allowable as long as they have a board of directors resolution stating the new formula, make the effective date in the future and provide an employee communication with the new match. Any other issues to be concerned with?

[KJohnson]

http://benefitslink.com/boards/index.php?showtopic=19636