Late contribution of deferrals

[Alan Simpson]

Plan has failed to remit some deferrals within the 15 business day timeframe. This info needs to be reported on the 5500 C/R and on IRS form 5330. How is it communicated on the 5500 C/R -- would it be considered as an extension of credit by the plan to the employer?

When calculating the tax to be reported on the 5330 for the late contributions (which I believe is 15% of the deferrals), is this amount calculated on each late deferral contribution. My opinion is yes but I would like to have backup if possible.

To make the individual participants whole for the late deferrals how should the calculations be performed?

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