Message Boards Digest

July 14, 2022

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52626 created a topic in Retirement Plans in General

Correcting a 415 Violation Arising from Combination of 401(k) and ESOP

"Employer sponsors a 3% Safe Harbor 401(k) and an ESOP.

An employee deferred the max (no catch up) for 2021. When deferrals, safe harbor allocation and the ESOP allocation are taken into account, he exceeded the 415 limit.

The ESOP document says to refer to EPCRS for correction of a 415 excess.

The recordkeeper is telling us the excess will be treated as a return of deferrals plus income. Instead, couldn't we pull the excess from the Safe Harbor and holding it in an excess account to be used to offset next year's employer contribution?"

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