Dougsbpc Posted September 18, 2014 Posted September 18, 2014 A 401(k) plan had a participant with a participant loan. It turned out she made one extra payment on her loan and an additional $410.00 is in the plan. She was not making repayments through payroll deduction but by personal check. This seems like it should be correctable through self-correction. If so, I would think the additional $410.00 plus earnings would be refundable to her. Does anyone disagree? Also I would think earnings should be based on actual plan earnings between the time of the additional payment and the refund. Anyone disagree? Thanks.
BG5150 Posted September 19, 2014 Posted September 19, 2014 Are these individual accounts? If so, I think you could/should use the individual return on the investment, instead of the plan as a whole. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
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