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Safe Harbor Match Miscalculated by Payroll Provider
BenefitsLink Message BoardsLink to more items from this source
Mar. 3, 2021

"A company started a safe harbor 401k for 2020. They and their payroll provider misunderstood how the safe harbor match worked.... They over-matched a participant who only deferred 1% because they gave him 4%, so his match was way more than his deferrals. Should this be moved to the forfeiture account since it wasn't supposed to ever be given to this participant, or can it be returned to the employer? I have looked at their adoption agreement and don't really see a clear answer."

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