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IRS Allows Mid-Year Elimination of Safe Harbor Contributions
Warner Norcross & Judd LLP [Guidance Overview] Nov. 25, 2013 "Plan sponsors already have the ability to establish a conditional safe harbor plan by providing a notice to participants before the beginning of the plan year that says the plan sponsor may make a nonelective 3% safe harbor contribution for the plan year, and then providing a supplemental notice later in the year if the contribution is going to be made. Nothing has changed here. If this is the type of notice you have issued, you can stop reading.... If you have a mandatory nonelective safe harbor plan, you'll want to put something in your safe harbor notice now that says the plan may be amended mid-year to eliminate the contribution." |
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