Spencer Fane attorney Rob Browning recently published an article in BenefitsPRO explaining new guidance from the IRS on suspending 401(k) contributions.
Titled, “New ‘Window’ to Suspend 401(k) Safe-Harbor Contributions for 2020: IRS,” the article outlines COVID-19-related relief for sponsors of “safe-harbor” 401(k) and 403(b) plans.
“This guidance is welcome relief for plan sponsors who feel the financial need to reduce or suspend employer contributions under these plans, but who may not be able to satisfy the current regulatory requirements for mid-year amendments,” Rob explains in the article.
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