IRS seeks business hardship changes to 401(k) rules
Proposed IRS rules would allow employers that made automatic 401(k) plan contributions under a safe-harbor provision to suspend or reduce those contributions if they incurred a substantial business hardship.
The proposal, which the Internal Revenue Service said is intended to decrease the likelihood that financially distressed employers will terminate 401(k) plans, applies to companies that qualify for a safe harbor by making an automatic contribution to employees' 401(k) accounts equal to 3% of employe
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