Late Deferrals - Excise Tax

[MarZDoates]

For purposes of filling the Form 5330, how would you determine the amount involved in the following situation?

Empoyee deferral could have been placed in the plan on 7-1-06. Correction was not made until 10-1-07.

Would I need to file a 5330 for 2006 and 2007? How do I compute the amount involved for each year? (i.e. if I use an interest rate, where do I find the rate to use?) Also, since the correction wasn't made until 2007, does that mean that the 100% excise tax applies for 2006? Thanks for any and all input!