New Rules for Mid-Year Changes to Safe-Harbor 401(k) Plans
Safe harbor 401(k) plans are extremely popular with both plan sponsors and participants. A lingering concern that has hung over these plans, however, has been what types of changes could be made once the plan year has begun. The IRS asked for comments on this topic almost nine years ago and ASPPA GAC has filed five different comment letters in response.
IRS guidance has finally arrived in the form of IRS Notice 2016-16 and it is good news! In “Mid-Year Changes to Safe-Harbor 401(k) Plans: New Rules Under IRS Notice 2016-16
,” a webcast to be held on Tuesday, Feb. 23 from 2:00-3:40 p.m., Craig Hoffman, General Counsel for the American Retirement Association, will cover this guidance and related information. If you work with safe harbor 401(k) plans, this webcast is not to be missed!
Attendees will gain the ability to:
- differentiate between permissible and impermissible mid-year amendments;
- find out when updated safe harbor notices are required;
- identify safe harbor designs that provide plan sponsors flexibility; and
- determine the optimum options for exiting or terminating a safe harbor 401(k) plan midyear.
Be sure to check on ASPPA Net for new information about upcoming webcasts