k man Posted July 23, 2007 Posted July 23, 2007 can a sponsor allocate forfeitures from nonelective source to reduce safe harbor matching contributions assuming nonelective contribution has been satisfied or they are not making one?
Guest fender5150 Posted July 23, 2007 Posted July 23, 2007 I generally don't do anything with forfietures, except what is specified in the prototype. Most prototypes say that forfeitures can be used to defray administrative costs. Hopefully someone else knows something more specific. Otherwise; I wouldn't do anything that wasn't elected in the prototype. Fender5150
four01kman Posted July 23, 2007 Posted July 23, 2007 The quick answer is yes, they may reduce the safe harbor contributions. Of course, the plan document must allow that use of forfeitures. Jim Geld
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