Guest dukec Posted May 30, 2003 Posted May 30, 2003 What are the thoughts about Employer's who consistently make errors in their deposit of loan payments to the plan? It is usually an excess amount, then the employer will request the plan to refund the excess to them. Also, the same questions in regards to Employer contribution and Employee deferrals.
Brian Gallagher Posted June 11, 2003 Posted June 11, 2003 At my company the mantra is..."once in the trust, always in the trust." We very rarely send money back to companies after it has been invested in the trust. If there is a mistake made, we will certainly take the money out of the person's account, but hold it in reserve and the plan can short the next check by that amount. About the only time we send funds back to the employer is in the case of a mistake of fact. However, you situation certainly does not sound like a mistake of fact. Mistake, maybe, but not MOF. Remember: two wrongs don't make a right, but three rights make a left.
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