How do correct a correction? Recordkeeper mishandled excess contributions

By Guest Calimayhew
January 29, 2004 in Correction of Plan Defects

https://benefitslink.com/boards/topic/22964-how-do-correct-a-correction-recordkeeper-mishandled-excess-contributions/

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Guest Calimayhew

Posted January 29, 2004

Company blows 415 limit because RK "forgot" there were three plans. Plan goes through VCR and gets IRS approval to correct. RK, instead of allocating excess matching contributions to suspense account, distributes to participants. Full amounts reported on 1099-R. Transaction was also not reported properly on 5500.

Sometimes I wonder why I love my job.....

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https://benefitslink.com/boards/topic/22964-how-do-correct-a-correction-recordkeeper-mishandled-excess-contributions/

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How do correct a correction? Recordkeeper mishandled excess contributions

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