Samanth M.

@Madison71 Thank you for the response. Follow up, if the plan is a non-governmental tax-exempt entity, the corrective action is a new W-2 instead of a 1099?

I am doing research on correcting excess deferrals for 457(b) plans. If you discover the excess deferral prior to the April 15th deadline and distribute accordingly, what is the corrective action? Does the employer have to issue a new W-2? Are there any other forms you need to submit?