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Compass
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IRS Issues Guidance for Mid-Year Reduction/Suspension of Safe Harbor Contributions
Findley [Guidance Overview] July 20, 2020 "This relief from the notice requirements does not apply to a plan amendment which reduces or suspends safe harbor matching contributions. That type of amendment would still need to provide a 30-day advance notice and an election opportunity before the reduction or suspension could take effect. The guidance and relief provided under Notice 2020-52 [also] applies to 403(b) plans that use the 401(m) safe harbor rules." |
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