raymondftz
Junior Member
What is the name of your state (only U.S. law)? New Mexico
My company recently informed us that we were converting to a Safe Harbor 401k plan, selling terms like "fully vested contributions" and such and skimming over the fact that we were converting due to the plan being top heavy. After doing a little research I am fairly comfortable with the change, but do have one question.
Prior to converting to the Safe Harbor plan does the company have to first balance the plan, or does the intent to convert satisfy plan balance?
My company recently informed us that we were converting to a Safe Harbor 401k plan, selling terms like "fully vested contributions" and such and skimming over the fact that we were converting due to the plan being top heavy. After doing a little research I am fairly comfortable with the change, but do have one question.
Prior to converting to the Safe Harbor plan does the company have to first balance the plan, or does the intent to convert satisfy plan balance?