As summer turns to fall, it’s important for you as a 401(k) plan sponsor to use this time to consider what changes you may need for 2021. Whether it’s a change of plan provisions for eligibility or contributions, it’s the best time to get ready for the new year.
While you do have added flexibility in adding a safe harbor non-elective contribution thanks to the SECURE Act, you still don’t have that with adding the safe harbor matching contribution. Fall is the time for New Year planning as well when it comes time to reviewing plan providers and fees as January 1 is the best time to make a switch to a new plan provider.
Whatever you decide to do, it’s the best time to figure out what should be done.