I've done this before with good results. Watch your taxes, too. If you have had as much withheld as you owed last year, you can change your tax status to "Exempt" for the rest of the year, which will improve your take-home pay. It's perfectly legal, but your HR may not know about it. Also, made sure they adjust state as well as fed, since you don't have too many pay periods left in 2016. If your company lets you make these changes on line (both withholdings and 401k) CALL to confirm your changes.
My former StupidCorp said it couldn't be done, then changed fed but not state withholdings, then the administrator didn't make my increased deposits because they were sure it was a mistake. Yeah, sure. Did anyone call me???
My CPA helped me create a boilerplate letter that I simply changed the date and re-submitted every year when I was ready to shut off the tax withholdings faucet. I still managed to get a refund every year, but since I have an EF, getting a smallish tax bill was never a big concern.
Every time I spoke with HR, I got an "Oh, it's you vibe". I guess I got the last laugh when I retired.
ETA: Totally forgot this: StupidCorp had some obscure provision that did not allow catch-up or leveling matching. They matched up to 6% per pay period, not per year, so big dumps did not get fully matched. It was still worth it to me.