IRS Issues Guidance for Mid-Year Reduction/Suspension of Safe Harbor Contributions

The IRS has issued Notice 2020-52 which clarifies the requirements for a mid-year amendment to a safe harbor 401(k) or 401(m) plan that reduces or suspends contributions made only on behalf of highly compensated employees (HCEs). In this article, learn more about the effects of this Notice during the ongoing COVID-19 pandemic.

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