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Safe Harbor Midyear Amendments: Yes You Can!
Presentor: Derrin Watson Recorded Date: 2/17/2016 Duration: 60 Min.

This program was recorded during a live presentation given on February 17, 2016 at 12:00PM EST.

The IRS has just issued a notice allowing safe harbor 401(k) and 403(b) plans to adopt midyear amendments, with remarkably few limitations. There are some specific requirements with detailed rules, but once understood it should be easy to use the new tools the IRS has given us.

This special 60-minute web seminar explains all the new rules, with plenty of examples and opportunity for your questions. It will likely be one of the most important web seminars of the year.

Topics include:

  • Overview of the new rules
  • Mid-year change
    • Amendments
    • Safe harbor notice changes
  • Updated safe harbor notice
    • When needed
    • Content
    • Timing
  • Opportunity to change elections
    • Timing
  • Prohibited amendments
  • Special rules for amendments increasing match
  • Changes outside the new Notice
    • Short initial plan year
    • Change of plan year
    • Midyear termination
    • Midyear suspension or reduction
    • Retroactive adoption through the maybe notice

The speaker will assume that attendees understand the operation of safe harbor 401(k) plans. A minimum of one year experience is highly recommended.

Level: Intermediate

Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: S. Derrin Watson, J.D.
Recipient of ASPPA's 2006 Educator of the Year Award

Objectives: At the conclusion of the seminar, attendees should be able to:

  1. Determine if a proposed change can be made through the new rules
  2. Determine if an updated notice is required
  3. Correctly apply the timing requirements
  4. List changes which cannot be made midyear

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