Regional Vice President of Sales The Retirement Plan Company
|
Bates & Company, Inc.
|
AimPoint Pension
|
Loan & Distribution Specialist AimPoint Pension
|
Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
|
Compass
|
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
Cutting Costs in a COVID-19 World: Reducing or Suspending Company Contributions to a 401(k) or 403(b) Plan
Faegre Drinker Apr. 24, 2020 "As a result of the reduction or suspension of safe harbor contributions, the plan will be subject to the ADP/ACP tests for the entire plan year in which the suspension occurred.... Although a plan with a non-safe harbor matching contribution formula is not exempt from the ADP/ACP nondiscrimination testing requirements, it is important to be aware that a suspension or reduction in contributions can impact testing.... [A] reduction or suspension of company contributions may impact a company's ability to rely on the coverage transition rule commonly applied after acquisitions." |
Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |