I have a profit sharing plan, and for 2001 it looks like the contribution was allocated incorrectly, based on erraneous information on someone's date of birth...its an age-weighted plan. This person was given $2500 too much, therefore everyone else was shorted that amount as a total. What can I do to correct this? Can I take that money away from that participant and reallocate it correctly? Or does the employer have to deposit the additional amounts everyone else was shorted because of the allocation error?
Thank you!!!