Business Services Industry
IRS loosens safe harbor rules.
Business Insurance, January, 2000
BACK IN 1996, Congress came up with a great idea to encourage retirement savings: Employers willing to offer very generous 401(k) plans would be exempt from the hassle of running non-discrimination tests on those plans. Everyone would win-Employees would receive better retirement benefits and employers would cut their administrative costs.
To be sure, the safe harbor 401(k) plans, as the plans often are called, never were envisioned to capture more than a small part of the 401(k) plan universe. Beefing up 401(k) plans to meet the requirements set by Congress costs more than most companies are willing to spend on 401(k) benefits. For some employers, however, the plans were very attractive. Until now, however, rules set by the Internal Revenue Service for...
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