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How is a 401(k) Safe Harbor plan provision added after the plan is restated and amended for GUST? Prior to the GUST approved document, a Board Resolution was all that was needed to make a 401(k) plan into a 401(k) Safe Harbor plan. As of the GUST plan document, in order to add 401(k) Safe Harbor provisions to a plan, the board resolution needs to be followed up by a plan amendment in which the Safe Harbor 401(k) provisions are added to the plan. Keep in mind that in order to stop the required Safe Harbor 401(k) contributions, the plan must be amended to remove the Safe Harbor 401(k) provisions.
To learn more, call 973-492-1880 or e-mail info@mhco.com. © 2010, McKay Hochman Co., Inc. All rights reserved. |
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