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Can We Suspend Our Safe Harbor Nonelective or Matching Contribution?
Retirement Management Services, LLC Link to more items from this source
[Guidance Overview]
Mar. 20, 2020

"The plan must be amended to reflect the suspension of the safe harbor contribution.... [A] notice must be given to plan participants explaining that the contribution has been suspended. This notice must be provided at least 30 days prior to the effective date of the suspension.... If the plan is terminated due to circumstances related to business hardship the safe harbor status is preserved.... Even if the reduced safe harbor contribution still meets the safe harbor contribution formula, ADP/ACP testing will apply[.]"

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