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October 24th, 2023
Information & Insights for the 403(b) Community
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Ask the Experts
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Do 403(b) Plan Sponsors Have to Recover Small Overcontributions?
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Q: We sponsor an ERISA 403(b) plan with a 5% annual discretionary employer contribution. When our plan auditor double-checked the contribution for 2022, they discovered that, due to a payroll glitch, we contributed slightly more than 5% to one participant, which, of course violated the terms of our plan document. The overcontribution was only $150, but the employee terminated recently and withdrew her entire account balance from the plan. Do we need to recover the $150 from the employee?
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Navigating ESG Livestream Event
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What is the current status of ESG investing for asset owners, plan sponsors and plan advisers? Who are the experts and where can investors go for information? What questions should investors ask as part of their due diligence? These questions and more will be discussed at the 2023 Navigating ESG Livestream event on November 8. Register here.
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Don't miss your chance to participate in PLANSPONSOR's DC Survey!
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PLANSPONSOR’s annual DC Survey is closing soon. Be a part of the most widely used benchmarking data for the defined contribution retirement plan marketplace. Eligible plan sponsors that participate in the survey will get a free copy of an industry report that can be useful for plan benchmarking.
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