Did You Know the RESA bill makes changes to 401k Safe Harbor provisions?
The RESA (Retirement Enhancement & Savings Act) makes significant changes to 401k Safe Harbor provisions. This legislation proposes the elimination of the notice for 3% Safe Harbor Non-Elective plans, the ability to adopt a Safe Harbor Non-Elective plan within 30 days of the end of the plan year, and the ability to adopt a 4% Safe Harbor Non-Elective plan after 30 days from the end of the plan year. This provides much greater flexibility for small employers to adopt these great plan designs.
Thinking about starting a retirement plan or making changes to a current one and want to know what could be the right fit for you? MVP can help! Give us a ring, and we’ll lay out options that suit your goals and needs.