Appendix F, Schedule 7 Failure To Distribute Elective Deferrals In Excess Of The 402(G) Limit

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APPENDIX F, SCHEDULE 7
Failure to Distribute Elective Deferrals in Excess of the § 402(g) Limit
Plan Name: _________________________________ EIN: ________________ Plan #: _____
(Please include the plan name, EIN, and plan number information on each page of the submission.)
PART I. IDENTIFICATION OF FAILURE
Number of Affected
Amount of Excess Deferrals
Calendar Years
Participants
Distributed (excluding earnings)
(Year of Deferral)
PART II. DESCRIPTION OF THE PROPOSED METHOD OF CORRECTION
The plan will distribute the excess deferral to the employee(s) and report the amount as taxable in the year of
deferral and in the year distributed. In accordance with Income Tax Regulations § 1.402(g)-1(e)(1)(ii), a distribution
to a highly compensated employee is included in the Average Deferral Percentage (ADP) test; however, a
distribution to a nonhighly compensated employee is not included in the ADP test.
For any distributions attributable to elective deferrals designated as Roth Contributions, all distributions will be
reported as taxable in the year distributed. Designated Roth contributions will have already been included in income
in the year of deferral.
The excess deferral to be distributed will also be adjusted for earnings. Earnings will be determined from the end of
the year in which the failure occurred through the year of correction. Earnings will be included in the distribution
amount that is to be reported as taxable in the year of distribution.
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