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Showing content with the highest reputation on 07/08/2014 in all forums
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Mistake of fact deferrals???? Participant opted out.
ETA Consulting LLC reacted to Lou S. for a topic
The easiest way might be to forfiet his account and use it to offset the next deposit. Company writes him a check for the deferral. (or do a negative defferal if payroll company will allow) Fix the W-2 with the payroll company to reflect no 401(k). Adjust his withholding on the next payroll to cover the taxes that weren't taken.1 point -
Plan documents typically say that partially vested terminated participants forfeit the non-vested portion of their account upon the earlier of distribution or incurring 5 consecutive breaks-in-service. If this person had more than 5 consecutive BIS before the effective date of the amendment, he should not have any non-vested amounts in his account balance that could possibly be affected by the amendment. What does the plan say?1 point
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