thepensionmaven Posted 23 hours ago Posted 23 hours ago As an ERPA, I am representing a client with a SHNE 401(k), no PS. The auditor is looking for a SHNE 30 day notice. I believe the notice is no longer needed, the audit is for 2023. Does anyone have a cite for this?
C. B. Zeller Posted 20 hours ago Posted 20 hours ago IRC 401(k)(12)(A) is the cite you're looking for. Clause (i) says that the plan meets the safe harbor requirements if it provides the appropriate matching contribution and notice. Clause (ii) says that the plan meets the safe harbor requirements if it provides the appropriate nonelective contribution. No requirement for a notice. Does the plan does provide matching contributions? Are they relying on the safe harbor non-elective contribution to get them a free pass on the ACP test? If so then the notice is still required. Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
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