The IRS recently issued guidance providing safe harbor 401(k) plan sponsors with increased flexibility to make mid-year plan changes. Notice 2016-16 sets forth new rules for when and how safe harbor plan sponsors may amend their plans to make mid-year changes, a process which traditionally has been subject to significant restrictions.
IRS Expands Ability of Safe Harbor Plan Sponsors to Make Mid-Year Changes
By McDermott Will & Emery, Jeffrey Holdvogt and Stephen Pavlick on March 15, 2016
Posted In Employee Benefits, Employment, Retirement Plans