Common use of Safe Harbor Status Clause in Contracts

Safe Harbor Status. The Employer may amend a profit-sharing or 401(k) plan during a Plan Year to comply with the Safe Harbor provisions of this Article for the Plan Year. In order to comply with these provisions, the Employer must: (a) use the current year testing method; (b) amend the Plan to add the Safe Harbor provisions no later than thirty (30) days prior to the end of the Plan Year and apply the Safe Harbor provisions for the entire Plan Year; (c) satisfy the Safe Harbor contribution requirements using the Safe Harbor Non-Elective Contribution; (d) provide the Safe Harbor notice to Participants prior to the beginning of the Plan Year for which the Plan amendment applies which indicates the Employer will provide Basic or Enhanced Matching Contributions or indicates that the Employer may later amend the Plan to comply with the Safe Harbor provisions by use of the Safe Harbor Non-Elective Contribution; (e) provide an additional notice to Participants at least thirty (30) days prior to the end of the Plan Year only in the case of Safe Harbor Non-Elective Contribution advising Participants of the amendment; and (f) actually provide the notice described in (e) above, should the Employer amend the Plan to comply with the Safe Harbor requirements. A Safe Harbor 401(k) Plan may be amended during a Plan Year to reduce or entirely eliminate on a prospective basis any safe harbor contribution which is either a Basic or Enhanced Matching Contribution conditioned on the Employer providing a notice to the Participants which explains the effect of the amendment and specifies the following: (g) informs the Participants they will have the opportunity to amend their Salary Deferral Agreements; (h) the effective date of the amendment is specified; (i) Participants are given the opportunity prior to the effective date of the amendment to amend their Salary Deferral Agreement; and (j) the amendment to the Plan does not take effect until the later of thirty (30) days after the notice of the amendment is provided to the Participant or the date the Employer adopts the amendment. An Employer who amends a Safe Harbor Plan to either reduce or eliminate the Safe Harbor Matching Contribution under this paragraph or terminates the Plan during the Plan Year, must continue to comply with all of the Safe Harbor requirements of this paragraph until the amendment or Plan termination becomes effective. The Plan must continue to use the current year testing method for the entire Plan Year and satisfy the nondiscrimination test under paragraph 11.2, and if applicable the nondiscrimination tests under paragraph 11.6.

Safe Harbor Status. The Employer may amend a profit-sharing or 401(k) plan during a Plan Year to comply with the Safe Harbor provisions of this Article for the Plan Year. In order to comply with these provisions, the Employer must: (a) : use the current year testing method; (b) ; amend the Plan to add the Safe Harbor provisions no later than thirty (30) days prior to the end of the Plan Year and apply the Safe Harbor provisions for the entire Plan Year; (c) ; satisfy the Safe Harbor contribution requirements using the Safe Harbor Non-Elective Contribution; (d) ; provide the Safe Harbor notice to Participants prior to the beginning of the Plan Year for which the Plan amendment applies which indicates the Employer will provide Basic or Enhanced Matching Contributions or indicates that the Employer may later amend the Plan to comply with the Safe Harbor provisions by use of the Safe Harbor Non-Elective Contribution; (e) ; provide an additional notice to Participants at least thirty (30) days prior to the end of the Plan Year only in the case of Safe Harbor Non-Elective Contribution advising Participants of the amendment; and (f) and actually provide the notice described in (e) above, should the Employer amend the Plan to comply with the Safe Harbor requirements. A Safe Harbor 401(k) Plan may be amended during a Plan Year to reduce or entirely eliminate on a prospective basis any safe harbor contribution which is either a Basic or Enhanced Matching Contribution conditioned on the Employer providing a notice to the Participants which explains the effect of the amendment and specifies the following: (g) : informs the Participants they will have the opportunity to amend their Salary Deferral Agreements; (h) ; the effective date of the amendment is specified; (i) ; Participants are given the opportunity prior to the effective date of the amendment to amend their Salary Deferral Agreement; and (j) and the amendment to the Plan does not take effect until the later of thirty (30) days after the notice of the amendment is provided to the Participant or the date the Employer adopts the amendment. An Employer who amends a Safe Harbor Plan to either reduce or eliminate the Safe Harbor Matching Contribution under this paragraph or terminates the Plan during the Plan Year, must continue to comply with all of the Safe Harbor requirements of this paragraph until the amendment or Plan termination becomes effective. The Plan must continue to use the current year testing method for the entire Plan Year and satisfy the nondiscrimination test under paragraph 11.2, and if applicable the nondiscrimination tests under paragraph 11.6.

Safe Harbor Status. The Employer may amend a profit-sharing or 401(k) plan during a Plan Year to comply with the Safe Harbor provisions of this Article for the Plan Year. In order to comply with these provisions, the Employer must: (a) use the current year testing method; (b) amend the Plan to add the Safe Harbor provisions no later than thirty (30) days prior to the end of the Plan Year and apply the Safe Harbor provisions for the entire Plan Year;; . (c) satisfy the Safe Harbor contribution requirements using the Safe Harbor Non-Elective Contribution;; . (d) provide the Safe Harbor notice to Participants prior to the beginning of the Plan Year for which the Plan amendment applies which indicates the Employer will provide Basic or Enhanced Matching Contributions or indicates that the Employer may later amend the Plan to comply with the Safe Harbor provisions by use of the Safe Harbor Non-Elective Contribution;; . (e) provide an additional notice to Participants at least thirty (30) days prior to the end of the Plan Year only in the case of Safe Harbor Non-Elective Contribution advising Participants of the amendment; and and (f) actually provide the notice described in (e) above, should the Employer amend the Plan to comply with the Safe Harbor requirements. A Safe Harbor 401(k) Plan may be amended during a Plan Year to reduce or entirely eliminate on a prospective basis any safe harbor contribution which is either a Basic or Enhanced Matching Contribution conditioned on the Employer providing a notice to the Participants which explains the effect of the amendment and specifies the following:. (g) informs the Participants they will have the opportunity to amend their Salary Deferral Agreements; (h) the effective date of the amendment is specified; (i) Participants are given the opportunity prior to the effective date of the amendment to amend their Salary Deferral Agreement; and (j) the amendment to the Plan does not take effect until the later of thirty (30) days after the notice of the amendment is provided to the Participant or the date the Employer adopts the amendment. An Employer who amends a Safe Harbor Plan to either reduce or eliminate the Safe Harbor Matching Contribution under this paragraph or terminates the Plan during the Plan Year, must continue to comply with all of the Safe Harbor requirements of this paragraph until the amendment or Plan termination becomes effective. The Plan must continue to use the current year testing method for the entire Plan Year and satisfy the nondiscrimination test under paragraph 11.2, and if applicable the nondiscrimination tests under paragraph 11.6.