In general, because employers are not required to provide 401(k) plans, employers are free to change plan provisions as they wish. However, certain plan design features such as Safe Harbor contributions and Automatic Enrollment can only be elected or changed within the bounds of timing and specific notice requirements.
Additionally, while an employer has the right to amend the plan at any time, any such amendment cannot reduce the vested benefits participants earned prior to the effective date of the amendment. The employee has an unconditional right to all retirement benefits that they have already earned. Further, as a general rule, amendments cannot be made to retroactively affect previous plan years.
For detailed information about the Guideline 401(k) plan features, refer to the updated Summary Plan Description found in each participant’s dashboard. If you have any questions about your plan, don’t hesitate to contact Guideline Support.
Please see the related “Plan Design” articles on the different plan features that Guideline offers.