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Reducing or Suspending 401(k) Safe Harbor Contributions Mid-Year
Retirement Learning Center, LLC Link to more items from this source
[Guidance Overview]
July 7, 2020

"Sponsors who reduce or suspend 401(k) safe harbor nonelective contributions will satisfy the 30-day supplemental notice requirement, provided the sponsor [1] Gives the notice to employees no later than August 31, 2020, and [2] Adopts the required plan amendment no later than the effective date of the reduction or suspension of safe harbor nonelective contributions. There is no relief on the timing of the supplemental notice under Notice 2020-52 for sponsors who reduce or suspend safe harbor matching contributions."

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