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Showing results for tags 'missed contribution'.
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Interesting scenario, appreciate any insight: Facts: 401(a) profit-sharing plan (ER contribution only) has 6/30 fiscal year end. Plan terminated 6/30/2017. Participant balances were rolled or distributed by prior record-keeper by 12/29/2017 March 2018, it was determined that the contribution for plan years ended 6/30/15, 16, 17 may have been understated due to an error in the definition of compensation used. Questions: Generally - how does this get unscrambled? The prior accounts have been closed, the prior plan has been terminated, however, prior participants may be eligible for additional contribution. Does the corrective contribution need to go through old plan record-keeper? Can they participants receive the contribution via check? If check - would this be considered cash distribution Any looming deadlines for the contribution to be made? Any and all thoughts welcomed.
