By Lori Atkin (August 23, 2018, 12:51 PM EDT) -- Pursuant to final regulations issued by the Internal Revenue Service on July 20, 2018, forfeitures under 401(k) plans can now be used to make qualified nonelective contributions, or QNECs, and qualified matching contributions, QMACs, to 401(k) plans. This recent and welcome change may lower the yearly amount of contributions a plan sponsor must make from corporate assets.
Sections 401(k) and 401(m) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder mandate that employee contributions and employer matching contributions to a 401(k) plan must satisfy certain nondiscrimination requirements each year, including but not limited to the amount of...
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