IRS Clears Path for More Midyear Changes in Safe Harbor Plans

Overview


Jeffrey Holdvogt called new IRS guidance on making mid-year changes to 401(k) safe harbor plans “helpful” and “useful” for plan sponsors. Previously, he explained, “It was not clear whether, for example, safe harbor plan sponsors could amend their plan mid-year to add additional employee groups acquired through a corporate acquisition, or to change administrative procedures,” but the new guidance “should make it much easier for safe harbor plan sponsors to consider mid-year plan amendments.” Read the full article.