Splet27. jul. 2024 · The Internal Revenue Service (IRS) issued Notice 2024-52 on June 29, 2024, making it temporarily easier for employers to suspend or reduce matching contributions and nonelective contributions to safe harbor 401(k) plans mid-year.. As described in our earlier blog post, the Internal Revenue Code of 1986, as amended (the “Code”) imposes … Splet09. jun. 2024 · For a safe harbor plan to suspend safe harbor contributions mid-year, IRS Notice 2016-16 provides that the plan sponsor must: provide a supplemental notice to employees at least 30 days before the effective date of the suspension of contributions that explains that contributions will be suspended and that participants may adjust their plan ...
Suspending Employer Contributions Midyear CAPTRUST
Splet05. jun. 2024 · Suspending Safe Harbor 401(k) Contributions: A Primer for Employers As cash flow and decreased revenue concerns rise, many safe harbor 401(k) plan sponsors … Splet16. jul. 2024 · The safe harbor notice that is provided before the start of the plan year includes a statement that the employer may reduce or suspend contributions mid-year. … my hot tub is tripping the breaker
IRS Issues Temporary Relief Regarding Mid-Year …
Splet30. jun. 2024 · Notice 2024-52 also provides relief regarding mid-year amendments to safe harbor plans to reduce or suspend safe harbor contributions. This relief is intended to address certain challenges caused by the US outbreak of COVID-19. ... Notice 2024-52 provides that, if a plan amendment reducing or suspending safe harbor contributions is … Splet01. jul. 2024 · Under normal circumstances, and according to final Treasury Regulations, a sponsor of a 401 (k) safe harbor plan may amend the plan during the current year to … Splet28. maj 2024 · For a safe harbor plan to suspend safe harbor contributions mid-year, IRS Notice 2016-16 provides that the plan sponsor must: provide a supplemental notice to employees at least 30 days before the effective date of the suspension of contributions … my hot tub mover.co.uk