Instructions to Correct Participant(s) Social Security Number
|Correct Remittance Money Type |
|Plan Information |
|Plan Name: |
|Plan Number: |
|Remittance Information |
|Remittance Event ID: |Remittance Amount: |
|Original/Incorrect Money Type: |Revised/Correct Money Type: |
| | |
|Vesting Information |
|Does the Vesting Schedule differ between the Original/Incorrect Money Type and the Revised/Correct Money Type? (Circle One) |
| |
|Yes or No |
| |
|If you circle “No”, then the following section regarding overpayment and underpayment does not apply to this correction |
|Overpayment to Participant/Underpayment to Plan |
|An overpayment to a plan participant usually results in a shortage to the Plans Forfeiture account. The Plan Administrator should |
|consider the impact of the shortage to the Plan Forfeiture account because it may affect future benefits to the remaining plan |
|participants. The Plan may need to consider restoring the shortage in the Plan Forfeiture account. |
| |
|Underpayment to Participant/Overpayment to Plan |
|If a Participant’s full withdrawal was underpaid, the underpayment amount will be removed from the Plan Forfeiture account to the |
|extent possible and returned to the Participant in the same manner as the original full withdrawal. |
|Instructions and Authorization |
|I have reviewed and understand the Instructions and Information section attached to this form and I am authorized to request this |
|correction. |
|Authorized Signer’s Name: |Authorized Signer’s Title: |
| | |
|Authorized Signer’s Signature: |Date: |
| | |
|Instruction and Information Attachment |
|Correct Remittance Money Type |
|When to Use this Form |
|If you believe a correction is required because of a recordkeeping error made by the Service Provider, please contact your Plan |
|Representative for assistance. Otherwise, please complete the appropriate correction form. |
| |
|Payroll Contribution(s) were remitted to an incorrect Money Type. Following are examples: |
|“Employer” Contribution was erroneously remitted as “Employee” Contribution |
|“Safe Harbor Match” was erroneously remitted as “Elective Employer Match” |
| |
|Correction Highlights |
|When correcting Remittance Money Types, there is the potential that each Money Type has a different vesting schedule. If that is |
|the case, Participants who received a distribution may have been overpaid or underpaid due to the difference in the vesting |
|schedules. |
|Overpayment to the Plan Participant/Underpayment to Plan Forfeiture: |
|An overpayment to a plan participant usually results in a shortage to the Plan’s forfeiture account. The plan may need to consider|
|restoring the shortage in the plan forfeiture account because it may affect future benefits to the remaining plan participants |
|depending on the terms of the plan. |
| |
|Underpayment to the Plan Participant/Overpayment to the Plan Forfeiture: |
|The original amount underpaid will be removed from the Plan Forfeiture account (if available) and returned to the Participant. If |
|the Plan would like lost earnings on the underpaid amount to be restored to the Participant pursuant to IRS’s Employee Plans |
|Compliance Resolution System (EPCRS) procedures, the Plan is responsible for providing specific instructions to the Service |
|Provider. |
| |
|Before submitting this form, you may want to discuss with your ERISA Consultant. |
|Gains, Losses, and Fees |
|Due to market fluctuation, gains and losses may occur as a result of this correction. |
| |
|Losses or calculation fees generated as a result of this correction will be deducted from the Plan. |
| |
|Gains generated as a result of this correction will be allocated to the Plan’s Unallocated Plan Asset account. |
| |
|A fee may apply to this request in accordance with the Contract/Administrative Agreement. |
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