401kallday

If an employer overfunded their employer contributions throughout the year, would you report them as contributions on the Form 5500 even though they are being moved to an unallocated account?

A participant has contributed $20,000 in pre-tax deferral for the life of the account and a loan was taken in the amount of $7,000. The total cash balance in the participant's account is $15,000. Can the participant apply for a hardship withdrawal for the full account value since technically the basis is $20k? If the full amount is available for hardship withdrawal, is the assumption that the earnings are included in the loan asset account and therefore the withdrawal was correctly limited to solely to the contributions made by the participant?