IRS Notice Provides Temporary Relief for Freezing Safe Harbor 401(k) Plans

Edward Wodarczyk
Tucker Arensberg, P.C.
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On June 29, the IRS issued Notice 2020-52.  It permits plan sponsors to adopt a mid-year amendment between March 13, 2020 and August 31, 2020 to freeze their safe harbor contributions under their 401(k) and 403(b) plans. The Notice also waives the 30-day advance notice requirement for a suspension of safe harbor nonelective contributions if notice is provided by August 31, 2020.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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