qualified plan
Dec 1 2003, 06:39 PM
It was recently discovered that a 401(k) plan failed to honor a participant's 2002 401(k) Catch Up Contribution election.
What is the proper correction?
I assume a QNEC, but for how much?
Thanks.
TBob
Dec 3 2003, 11:06 AM
Had the participant maxed out their regular deferrals at the 402(g) limit (or had been otherwise limited by ADP, etc.)? I would assume so if the participant is making a catch-up election but it is worth asking before you start looking at corrections.
qualified plan
Dec 3 2003, 11:07 AM
Yes, the participant maxed out on their regular deferrals at the 402(g) limit.
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