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Prompt Correction of Elective Deferral Errors Is Now Less Expensive
Pension Consultants, Inc. 
[Guidance Overview] July 1, 2015 "The previous correction method for these types of errors was for the plan sponsor to make a contribution to each affected participant's account equal to 50% of the missed deferral opportunity plus any missed employer matching contribution plus earnings. The new method eliminates or reduces the required contribution for the missed deferral opportunity when the error is caught and corrected quickly." MORE >> |
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