M Norton Posted July 5, 2022 Posted July 5, 2022 Small SH 401(k) plan (one MD, six NHCEs) had balance due for 2020 Safe Harbor match. As of mid-2022, the 2020 SH match not deposited to plan (pooled account). What options does the plan sponsor have to correct this? Thanks.
Bird Posted July 6, 2022 Posted July 6, 2022 Some years ago we had a plan with this situation and decided that, because it was a required contribution, it could be self-corrected by depositing the money now with earnings. I don't recall if there was a clear example like this in EPCRS or if it was a stretch. Luke Bailey 1 Ed Snyder
Barry Levy Posted July 6, 2022 Posted July 6, 2022 I believe for self correction, under these facts and circumstances and assuming a 12/31 PYE, the plan must be corrected by 12/31/2022. Lou S. and Luke Bailey 2
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