Nassau Posted July 16, 2010 Posted July 16, 2010 My client has a Safe Harbor Plan. The Safe Harbor is met by doing a Non-elective Match of 5%. The employer wanted to know if they can have the HCE only be Matched at 3%. They are looking to do this to save the company some money.
rcline46 Posted July 16, 2010 Posted July 16, 2010 Yes, but it requires a document amendment, and cannot be do this year. Effective 1/1/2011.
K2retire Posted July 17, 2010 Posted July 17, 2010 My client has a Safe Harbor Plan. The Safe Harbor is met by doing a Non-elective Match of 5%.The employer wanted to know if they can have the HCE only be Matched at 3%. They are looking to do this to save the company some money. Is it a non-elective contribution or a match? It cannot be both.
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