CTCKOH

Thank you. We are the employer making the corrections to the employee contribution and the employer contribution. We've been in talks with our lawyers and consultants but it seems like we need to look at pay check by pay check and make a correction, vs. an overall correction on the total wages. I was looking for guidance more so on the pay check by pay check vs. an overall correction on the gross wages. Thanks!

Hello, We have been working to make corrections on missed deferrals from 2018 through 2022; this includes on the employee and employer side. Is there a general rule or guideline to make these corrections? We've been receiving information in pieces and it seems that every time we have it complete, something else comes up and we need to start over. We were instructed to look at each paycheck and determine the missed deferrals but it seems there's so many other contingencies, that we feel it would be easier to calculate on an overall basis. Has anyone had experience with this situation or can provide any better help? Thanks!

I have a follow-up question regarding corrective deferrals. Does anyone have evidence to show that within the 9 1/2 months time frame, termed employees would need to have a 50% QNEC? Up until this point, we were treating active and termed employees the same. Any information would be helpful, as we seem to be getting conflicting information from our consultants. Thanks! In looking at example 4 from this guideline, I would consider the 50% QNEC on termed employees would be accurate. Can anyone agree with this statement? 401(k) Plan Fix-It Guide - Eligible employees weren't given the opportunity to make an elective deferral election (excluding eligible employees) | Internal Revenue Service (irs.gov)

Relating to this subject, we are currently making corrections due to certain pay types being excluded from our contributions. I am trying to find a letter or template to notify participants about this but have been unsuccessful. Does anyone have something they would share? Thanks!