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Yeah, and he might also want six extra weeks of vacation and a $10,000 raise. He can't get those either.

Or as my grandmother used to say "People in h*!! want ice water, too!"

Ms @LAHartline, I just want you to know that you've been one of my favorite "civilian" posters ever. You've been reasoned, prepared and responsive. That's rare for someone on this board that isn't in our business. I hope it all works out well for you.

The forfeitures may not go back to the company, as this would constitute an improper reversion of plan assets to the employer (although there may be a minor exception to this rule for certain forfeitures under some terminating plans). The forfeitures may be applied to reduce the amount of employer contributions to the ESOP; for example, the forfeitures may reduce the amount of a contribution required under a formula, such as a % of compensation or a % of profits, etc. The company's tax deduction, however, would be limited to the net amount contributed. The forfeited amounts may not be applied to payments on the ESOP loan. [This message has been edited by RLL (edited 03-29-2000).]

He can terminate his employment and *really* go play somewhere else with his money and all.

Very good advice. I think you are quite correct in your summation. I will take a look at the LTD plan document first and go from there. Thank you for your insight on this situation. I do appreciate it.

Client? 415? Thinking of? Oy vey.

And I think the responsibility for getting an ineligible IRA contribution out of the IRA falls to the participant and the IRA custodian... not the plan. The plan only needs to notify the participant and IRA custodian of the ineligible IRA contribution amount.