The Retirement Plan Services group answers your most pressing questions in this FAQ.
Can I reduce, suspend or eliminate my employer contribution for the year?
It depends on whether your plan document requires mandatory contributions to be made or whether the plan document allows for discretionary contributions. Generally, discretionary contributions can be stopped or suspended at the employer’s discretion; however, mandatory contributions such as safe harbor match and safe harbor non-elective contributions have special rules for stopping or suspending them mid-year. If you need to give serious consideration to suspending your safe harbor contributions, please contact us at HBKS Wealth Advisors and we will work with you and the appropriate administrative firm servicing your plan to determine feasibility. Under adverse business conditions safe harbors can be suspended with a 30-day notice. <<You can find an expanded summary of steps for suspending Safe Harbor contributions at this link.>>
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