Levi Ahlberg
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 Posted:
Wed Oct 26, 2005 8:00 am Post subject:
late notification of 401k excess contribution after rollover |
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I've got a 401k excess contribution question that I haven't
seen posted to this group before.
I've just been notified that my former employer made excess
contribution of about $5000 to my 401k last year. This
notification came in October, long after the deadline. I no
longer work at the company, and I've already rolled over the
funds into an IRA. My former employer has stated that I
should contact my current plan administrator to process a
refund of the excess contribution.
Am I under any legal or ethical obligation to get this
excess contribution refunded? As far as I know the excess
contribution was entirely the mistake of my former employer,
and was identified during their ADP/ACP testing. My
contributions did not exceed the annual limit, so I don't
think I have a problem with my own compliance with the tax
code.
Levi Ahlberg
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