Cobras59 Posted April 22, 2017 Posted April 22, 2017 An employer match forfeiture was allocated based on deferrals instead of compensation. Document says pro rata compensation. If using SCP under EPCRS can the correction method be that the participants that received too much have it taken away and given to the participants that should have received more. What if the failure has been for longer than the last 2 years? Can it still be correct using EPCRS?
BG5150 Posted April 24, 2017 Posted April 24, 2017 You need to determine if the error was significant vs insignificant. Insignificant errors can be corrected at any time under SCP. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Belgarath Posted April 24, 2017 Posted April 24, 2017 Agree, but as to the specific correction, assuming eligible for SCP, yes, this should be an allowable correction.
Cobras59 Posted April 25, 2017 Author Posted April 25, 2017 Thank you. Calculating on the highest allocation % is going to be to costly. So was going to use the zero out method. Which means asking for $ back from several years ago. Appreciate your input.
Recommended Posts
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 accountSign in
Already have an account? Sign in here.
Sign In Now