Firm Publications

SECURE Act Update: IRS Issues Guidance with Respect to Safe Harbor Plans

December 15, 2020

On December 9, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-86 which provides guidance relating to certain changes to the safe harbor rules that apply to 401(k) plans made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”).  The IRS Notice interprets the SECURE Act’s provisions to apply to some, but not all, aspects of the rules regarding safe harbor plans, limiting the applicability of the recent liberalizations to the safe harbor rules.

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