• Don't Terminate That 401(k) or 403(b) Safe Harbor Plan Just Yet: IRS Proposes New Rules Allowing Employers Experiencing Substantial Business Hardship to Reduce Non-elective Contributions Mid-Year
  • June 17, 2009
  • Law Firm: Proskauer Rose LLP - New York Office
  • On May 18, 2009, the Internal Revenue Service (the "IRS") issued new proposed regulations that allow plan sponsors of Internal Revenue Code ("Code") Section 401(k) or 403(b) safe harbor plans to reduce or suspend non-elective contributions mid-year if they are experiencing a "substantial business hardship."