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ARTICLE · 01 JULY 2020

IRS Issues Limited 401(k) Safe Harbor Plan Relief For COVID-19

Smith Gambrell & Russell
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On June 29, 2020, the IRS created a limited window during which plan sponsors will have some additional opportunities to make changes to their safe harbor 401(k) plans.

United StatesEmployment and HR
Smith Gambrell & Russell LLP
Smith Gambrell & Russell LLP
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On June 29, 2020, the IRS created a limited window during which plan sponsors will have some additional opportunities to make changes to their safe harbor 401(k) plans. Following is a summary of the specific relief:

Reduction or Elimination of Safe Harbor Contributions. In general, safe harbor contributions may be reduced or eliminated during a plan year only if (i) the plan's safe harbor notice includes a statement about this possibility, or (ii) the plan sponsor is operating at an economic loss. However, if a plan is amended to reduce or eliminate safe harbor contributions between March 13, 2020, and August 31, 2020, the IRS will deem these requirements to have been satisfied.

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