IRS Relaxes Restrictions on Mid-Year Changes to Safe Harbor 401(k) and 403(b) Plans

The IRS has released guidance on mid-year changes to safe harbor plans under Sections 401(k) and 401(m) of the Internal Revenue Code. The guidance is welcome relief from previously inflexible rules that restricted mid-year amendments to such plans.  We prepared a client alert that discusses the new rules and the implications for employers sponsoring safe harbor plans. If you have any questions about the changes and how they may affect your plans, please contact any of the T&K tax attorneys listed in the alert.