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Safe harbor provisions appear in a number of laws and in many contracts. An example of safe harbor in a real estate transaction is the performance of a Phase I Environmental Site Assessment by a property purchaser: creating a "safe harbor" protecting the new owner if, in the future, contamination caused by a prior owner is found. Another common ...
This includes making a "safe harbor" employer contribution to employees' accounts. Safe harbor contributions can take the form of a match (generally totaling 4% of pay) or a non-elective profit sharing (totaling 3% of pay). Safe harbor 401(k) contributions must be 100% vested at all times with immediate eligibility for employees.
The last day to start a new safe harbor 401(k) is Oct. 1, because the safe harbor provisions must be in place at least three months before the plan year begins. Adding a safe harbor provision to ...
With a safe harbor plan, the employer can choose to match contributions in one of the three following ways: Basic Matching. The employer is required to match employees dollar-for-dollar, 100% up ...
In United States business law, a forward-looking statement or safe harbor statement is a statement that cannot sustain itself as merely a historical fact. A forward-looking statement predicts, projects, or uses future events as expectations or possibilities. These statements can often be misleading, as they can be mistaken for factual ...
A Habitat Conservation Plan (HCP) is a required part of an application for an Incidental Take Permit, a permit issued under the United States Endangered Species Act (ESA) to private entities undertaking projects that might result in the destruction of an endangered or threatened species. It is a planning document that ensures that the ...
Contributions may benefit the company in various ways: as an employee benefit to attract and retain employees, as a business tax deduction, or as a safe harbor contribution to automatically pass certain annual testing of the plan required by the IRS and Department of Labor or to fulfill the plan's top-heavy provisions. [citation needed]
While not required for safe harbor protection, the OSP can implement a counter notification process to avoid legal liability to its own customer as a result of taking down the material: [17] [18] After the notice has been complied with the OSP must take reasonable steps to promptly notify the alleged infringer of the action. [19]