Jump to content

Recommended Posts

Posted

Employee made deferral election upon beginning employment in September 2020.  Recently discovered that no deferrals were made from September through December, 2020.  When new plan year began and employee completed annual enrollment forms, proper deferrals began January 2021.  Since we just discovered the missed deferrals, we cannot meet the 45-day notice requirement under the safe harbor correction method.  Should we go ahead and make the 25% QNEC plus earnings and give the employee notice and move on or must we correct under the regular method for missed deferrals?  Thoughts?

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