Jump to content

Excess Correction


Recommended Posts

Posted

During 2011 it was determined that an employee deferred too much money due to a payroll system error. Most of the excess was recategorized as catch-up because the employee was over age 50. About $1,000 excess deferral remained and, due to another error, $1,500 was refunded, or $500 too much. Is this an operational error that needs to be corrected? There is no match so he did not miss out on any matching contributions.

Any replies are appreciated.

LL&P

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

Terms of Use