Relief provided to safe harbor plans when business hardships occur

Palmieri, Frank
September 2009
Employee Benefit News;Sep2009, Vol. 23 Issue 11, p70
The article discusses the U.S. Internal Revenue Service's proposed rule which provides relief to safe harbor plans. The program will allow employers to suspend contributions when business hardships occur. To be eligible for the program, companies must meet business hardship conditions such as operating at an economic loss, substantial underemployment in the employer's industry, and declining sales profit. The author notes that companies will still be required to make contributions even if the mentioned conditions are met.


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