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IRS Releases COVID-19 Relief and Other Guidance on Mid-Year Changes to Safe Harbor Plans
Warner Norcross + Judd LLP 
[Guidance Overview] July 3, 2020 "[Notice 2020-52] clarifies that contributions made to HCEs are not included in the definition of safe harbor contributions.... A mid-year change to reduce contributions to HCEs, however, is a mid-year change to the plan's required annual safe harbor notice content. As a result, when a safe harbor plan is amended mid-year to reduce or eliminate contributions to HCEs, an updated safe harbor notice must be provided to all affected HCEs ... and those HCEs must be given an opportunity to change their deferral elections." MORE >> |
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