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For a calendar year plan ADP excess contributions were identified after 3/15, however, when the excess was attempted to be cut it was discovered that the participant had already taken a full distribution of assets due to termination. Please note: this situation is a single Adopting Employer within a Multiple Employer Plan. The question is...what is the appropriate recourse particular to the Form 5330 reporting? Do you report the excise tax amount that would have otherwise been distributed if the assets had not already been moved out of the plan? Something else? Thank you in advance for any comments.
