Peggy806
Jun 29 2009, 05:19 PM
Plan year ends 6/30/09. Employee makes deferrals of 15,500 in late 2008 and 16,500 in early 2009. Therefore, he has not exceeded the 402g limit. Do we count 32,000 in deferrals in plan year ending 6/30/09 and show that he only has 17,000 remaining to reach his 415 limit for pye 6/30/09?
WDIK
Jun 29 2009, 05:47 PM
I believe that is correct.
Sieve
Jun 29 2009, 05:50 PM
Yes (assuming that the plan's limitation year--which is the measuring stick for Section 415 limitations--is the same as the plan year).
Mike Preston
Jul 1 2009, 10:19 PM
And assuming none of the deferrals end up being cast as catch-ups.
Bill Presson
Jul 1 2009, 10:50 PM
Make sure to warn everyone that this participant can't defer for the rest of this calendar year!!
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