Switch Next Year's Safe Harbor

Calendar year 401(k) plan provides for a 3% safe harbor nonelective.  Employer wants to change to safe harbor match for 1/1/2023.  Discussions started weeks ago, but employer got side tracked with personnel changes, including board members who were supposed to be making this decision.  They still want to make the change, but now that we are passed the safe harbor notice period what is the risk if they proceed with amending the plan and giving out the notice of the safe harbor match say, next week.

The RK supposedly already sent the 3% notice, although that has not been confirmed.  

Facts and Circumstance on whether a new issued notice over riding the prior notice would be considered timely.

The more documentation that you can detail that employees received the updated notice and had an effective chance to change their deferral election before 1/1, the more likely you are to be OK under a facts and circumstance determination. But yes you're past the "safe harbor period" for providing the safe harbor notice.

Thank you very much Lou.  That was more optimistic than I had hoped.

Agree with Lou.