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Showing results for tags 'true up'.
Found 3 results
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Sponsor of SIMPLE IRA has employee who did not elect to defer until mid year. Then she deferred 7% until the end of the year. Employer pays match up to 3% each pay period. At end of year, the employee had averaged, say, 3.5% and should receive 3% match on full year compensation. Employer says he doesn't want to pay true-up, that he put it in each pay period and because she chose not to start making deferrals until mid year, he should not have to pay the additional match. Is that an option in a SIMPLE IRA? What are the risks of not making the additional match contribution? The employee is unaware that she may be entitled to additional ER match. Thanks!
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Plan document calls for safe harbor matching contribution to be determined on a payroll v payroll basis (with no true up). True up calculated for 2016 and 2017 and deposited by Plan Sponsor. How do we correct? We were going to forfeit the excess amount due to true up with earnings and file under EPCRS. Anyway to avoid this? Suggestions greatly appreciated.
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Does anyone happen to have an excel spreadsheet template that would calculate match true up on a bi-weekly payroll basis, instead of an annual basis? Match is .50 for every dollar match up to 8% and payroll is bi-weekly.
