Salary Deferral never Deposited

[rblum50]

I just picked up a calendar year 401(k) plan to do the annual administration for 2010. Upon reviewing the assets for the 2009 Plan Year, I noticed that a $4,500 salary deferral made by one of the employees never made it into the plan. The company uses a leasing company that failed to transmit the money to the trust. In fact, it is still outstanding as of today. If it would be allowed, I would just like to complete a Form 5330 for the late deposit penalty and get this late deposit including estimated earnings back into the plan as soon as possible. This approach would be alot easier than to assume the salary deferral was never made. That would entail revising the employee's 2009 individual tax return, corporate tax return, individual tax return of the owner (Sub-S Corp), 5500-SF for 2009, 2009 Annual Report and on and on. I think that my first solution would meet the requirements under the self-correction program per RP 2008-50. I would appreciate any comments.