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Safe Harbor Midyear Amendments: You Can Do It! [2018]
Presentor: David Schultz Recorded Date: 2/20/2018 Duration: 60 Min.

Description
This program was recorded during a live presentation given on February 20, 2018 at 12:00PM EST.
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In a significant policy change, the IRS has issued a guidance allowing safe harbor 401(k) and 403(b) plans to adopt midyear amendments, with remarkably few limitations. Some specific requirements and limitations remain, but the new rules should generally enable practitioners and plan sponsors to safely amend plans to meet their administrative and business requirements. This web seminar reviews the new rules and practical examples. For professionals working on safe harbor 401(k) plans, this seminar includes highly useful information.

Topics include:

  • Overview of the new rules
  • Mid-year changes
    • 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
Prerequisites:

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: David Schultz, J.D.

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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