IRS Eases Requirements for 401 (k) Safe Harbors

Topics:
Stock Options
Tags:
Internal Revenue Service,
Pillsbury Winthrop,
Safe Harbor
Source:
Pillsbury Winthrop

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Overview: The article describes that in 1996 Congress amended the tax code to provide that employers who provide a certain amount of matching or profit-sharing contributions under a "safe harbor" formula get a free pass on the "actual deferral percentage" ("ADP") and "actual contribution percentage" ("ACP") nondiscrimination tests. As the Internal Revenue Service (the "IRS") is prone to do, it promptly issued a notice (IRS Notice 98-52) that imposed onerous rules for using the safe harbor formulas. After receiving negative feedback, the IRS lifted some of the more burdensome requirements in a notice issued earlier this year (IRS Notice 2000-3).

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Format: HTML | Size: 29KB | Date: Apr 2000 | Pages: 1

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