Return of contribution

[dmb]

I have a client with two plans, DB and PS. Assuming he would be able to deduct a contribution in the PS plan as he has in the past, he has made contributions to the PS plan for 2001 during 2001. The assets in the DB plan have not done well (suprise) and the DB contribution looks like it will excee 25% of elig comp. If this happens, would it be acceptable to move the PS contr to the DB plan as a mistake of deduction and if so when would the contribution be considered made to the DB plan, the date it was contributed to the PS plan or the date it was moved to the DB plan??

Thanks.

[MGB]

The IRS has repeatedly said that nondeductibility is not "a mistake of fact." You cannot move the money.