Subscribe (Free) to
Daily or Weekly Newsletters
Post a Job

Featured Jobs

Retirement Plan Analyst/Administrator

Compensation Strategies Group, Ltd.
(Remote / Beaumont TX)

Compensation Strategies Group, Ltd. logo

Quality Assurance Manager

Nova 401(k) Associates

Nova 401(k) Associates logo

Retirement Plan Administrator

Nicholas Pension Consultants
(Remote / Corona CA / Rancho Cordova CA)

Nicholas Pension Consultants logo

Education Consultant

(Remote / Putnam Valley NY)

Pentegra logo

View More Employee Benefits Jobs

Free Newsletters

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Mobile App image LinkedIn icon
Twitter icon
Facebook icon

<< Previous news item   |   Next news item >>

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."

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).
An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).
© 2022, Inc.