IRS Expands Ability to Make Safe-Harbor Plan Amendments
- Jun 21, 2016
IRS Notice 2016-16 provides that a mid-year amendment to a safe-harbor retirement plan or safe-harbor notice will not violate safe-harbor rules.
- Increasing an employee’s required number of completed years of service.
- Reducing the number of employees eligible to receive safe-harbor contributions.
- Changing the type of safe-harbor plan.
- Modifying how the plan determines matching contributions.
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Peter Alwardt is a Partner and the National Tax Leader of Employee Benefit Plans, specializing in employee benefits, tax and ERISA issues for domestic and international clients. He is a member of the American Institute of Certified Public Accountants and NY State Society of CPAs.
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