Can a participant in a fiscal year 401k plan have deferrals within a fiscal year that exceed the 402g limit?
Plan Year: 7/1/2014 - 6/30/2015
Plan permits special election for bonus pay
Participant is age 50+
Compensation exceeds $100k + bonus
Deferrals 7/1-12/31/2014 $6,000
Proposed Deferrals + Catch-Up to be deposited 1/1-6/30/2015 PYE $24,000
Can a participant have permitted deferrals + catch-up totaling $30,000 for the Plan Year 7/1/2014 - 6/30/2015 given the above fact pattern?
Assuming, yes, it is understood this participant would NOT be able to defer any further for the remainder of calendar 2015.Would restart Deferrals in 2016...
Thank you