Guest Jennyb473 Posted August 10, 2009 Posted August 10, 2009 Plan document states that deferrals should be taken from bonuses. If that does not happen, how is it corrected? Are deferrals taken from next paycheck or skipped or returned from participant?
BG5150 Posted August 11, 2009 Posted August 11, 2009 Were the bonues paid this year or last year? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Gudgergirl Posted August 31, 2009 Posted August 31, 2009 I successfully dealt with this exact problem using VCP. (Perhaps you could use SCP since your problem sounds more recent - mine occurred over a period of 5 years). I looked to the portion of EPCRS that deals with omitting an otherwise eligible participant and applied the same principles as to the bonus. (Appendix A, section .05). Remember that if deferrals are matched you will also have to correct for that.
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