Employee Benefits
Feb. 5, 2016
IRS clarifies midyear changes to safe harbor plans
The IRS recently issued guidance that clarifies when amendments to a Section 401(k) safe harbor plan may be adopted after the beginning of a plan year. By Michael Gerald and Robin M. Schachter
The Internal Revenue Service recently issued guidance that clarifies when amendments to a Section 401(k) safe harbor plan may be adopted after the beginning of a plan year. The guidance is significant because IRS personnel have, at times, taken very restrictive public positions on the ability to make midyear changes without losing safe harbor plan status. In the absence of specific authority, responses from...
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