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5/31/2018: What to Do with Mistakenly Excessive 401(k) Deferrals? (BenefitsLink Message Boards)
For whatever reason, too much money has been deposited into a deferral account at the end of the plan year. Perhaps it was a duplicate payroll submission or an error in the amount submitted. It definitely was not an intentional prefunding. Should one simply allow that amount to stay in the participant's account and be used to reduce the next scheduled 401k deferral? Or should the employer allocate it as a discretionary contribution? Or move it into a suspense account to be used to reduce a future discretionary contribution? Or first use it to offset any current year's receivable of employer contributions?
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