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VCP QNEC deposit


Sue

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We are making a deposit to a plan that contains a safe harbor matching source.  Can the corrective QNEC be deposited to that source as opposed to setting up a separate QNEC source?  They have the same w/d restrictions, correct?

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Sure.  The naming convention of the source does not matter.  All Qualified Employer Contributions are subject to the same vesting requirements and withdrawal restrictions; so they can be housed together on the recordkeeping platform.  Just ensure you continue to maintain documentation on the contribution.

Good Luck!

CPC, QPA, QKA, TGPC, ERPA

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