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The 402(g) Limit for 401(k) Plans: FAQs for Employers
Employee Fiduciary 
[Guidance Overview] Oct. 11, 2023 "While the 402(g) limit is an individual limit, it can still affect a 401(k) plan's qualified status.... 401(k) plans that miss the April 15 deadline must distribute the excess deferral to the individual and report the non-Roth amount as taxable both in the year of deferral and in the year distributed. Failure to correct the violation at all could lead to significant IRS penalties, up to plan disqualification." |
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