Safe Harbor Maybe Notice and Amendment 2020

[Tom]

For our plans that have the "maybe" safe harbor, we have always provided the client wanting safe harbor treatment the notice saying they will fund the 3%, the maybe notice for next year and the amendment 30-90 days prior to the end of the year.  I assume that process does not change with all the new Safe harbor rules. I know there are new rules about declaring safe harbor treatment into the next year.  I'm concerned about what needs to be done this year for these "maybe" safe harbor plans.  Can it be simplified such as - ignore this year end and provide a notice next year up to Nov 30 for 2020?

 

[Bird]

We are considering that question right now.  I believe - I'm sure - that we will be preparing a "yes we will" notice for 2020.  I don't think we need a maybe notice now for 2021 and can just issue a "yes we are" notice each year in November going forward.  Probably slightly different wording since it won't refer back to the maybe notice.

FTW is doing a webinar today and I'm hoping to get some feedback.  I think they have revised their notices (we use our own but refer to theirs for guidance) but I haven't looked yet.