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IRS permits mid-year suspension or reduction of safe harbor nonelective contributions

USA - May 26 2009 On May 18, 2009, the Internal Revenue Service (the "IRS") issued proposed regulations permitting the suspension or reduction of safe harbor nonelective contributions during a plan year if the employer incurs a substantial business hardship during the plan year (the "Proposed Regulations")....

John D. Martini, William H. Nichols, Sonia A. Chung, Dennis R. Bonessa, Jenny C. Baker.

Plan administrators can implement optional pension withholding to offset reduced withholding under new IRS withholding tables

USA - May 18 2009 As part of the American Recovery and Reinvestment Act, the Making Work Pay Credit (the "Pay Credit") provides single and married taxpayers with a tax credit on their earned income in 2009 and 2010....

John D. Martini, William H. Nichols, Dodi Walker Gross, Sonia A. Chung.