correcting erroneous deposits

[EBDI]

A client has a safe harbor match with a profit share contribution. They hired someone new to upload contributions in 2012 who did not do a good job. Most participants had the wrong amount of match uploaded. We are correcting them. Two participants who had too much deposited into their account have already withdrawn their funds. They will get a profit share contribution. Can the correction for the erroneous amounts of safe harbor match be deducted from their profit share contribution? One participant had loan payments continue to be made by the company after he had left and was no longer receiving compensation. Can the company take back the amount of loan payments from the profit share contribution?

[Jim Chad]

FWIW I think yes. Making sure the Participant gets back the correct number of dollars is the goal.