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Showing results for tags 'payroll period'.
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An ER incorrectly contributes to a 401(k) plan an amount that is in excess of the amount that the EE elected. This happens once, and the correct amount is withheld and contributed in the next payroll period. The error appears to have been made when the first deferral election on file was not cancelled after a second deferral election was made. What is the best way to make the correction? Should the amount be returned to the EE from the plan (as compensation)? I can find nothing in EPCRS that addresses this situation. There is no excess deferral, just a one-time human (or perhaps computer) error.
