Regional Vice President of Sales The Retirement Plan Company
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Bates & Company, Inc.
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Loan & Distribution Specialist AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Text of IRS Proposed Regs: Suspension or Reduction of Safe Harbor Nonelective Contributions
Internal Revenue Service [IRS] [Official Guidance] May 18, 2009
6 pages. Excerpt: The proposed regulations would ... permit an employer sponsoring a safe harbor plan ... that incurs a substantial business hardship (comparable to a substantial business hardship described in section 412(c) to reduce or suspend safe harbor nonelective contributions during a plan year. These proposed regulations would provide an employer an alternative to the option of terminating the employer's safe harbor plan in such a situation. The proposed regulations would allow for the reduction or suspension of safe harbor nonelective contributions under rules generally comparable to the provisions relating to the reduction or suspension of safe harbor matching contributions.
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