Form 14568-C - Appendix C Part Ii Schedule 3 Seps And Sarseps Page 3
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Plan name
EIN
Plan number
The total corrective contribution (before adjusting for Earnings) on behalf of the affected NHCEs for each plan year is as follows:
Year
Corrective Contribution
Earnings will be calculated for an affected employee on the basis of the following method(s): (check one)
Actual investment results of the affected employee’s SEP or SARSEP IRA account.
The interest rate incorporated in the VFCP Online Calculator, since the actual Earnings of the affected employee’s IRA
account cannot be ascertained.
Actual investment results for years in which data is available, or the rate incorporated in the VFCP Online Calculator for years
in which the actual Earnings of the affected employee’s IRA cannot be ascertained. The VFCP Online Calculator was or will be
used for the following year(s):
Former employees affected by the failure (check one):
There are no former employees affected by the failure.
Affected former employees (or if deceased, their estate or known beneficiary) will be contacted, and corrective contributions
will be made to their SARSEP IRA accounts. To the extent that an affected former employee or beneficiary cannot be located
following a mailing to the last known address, the Plan Sponsor will take the actions specified below to locate that employee or
beneficiary:
After such actions are taken, if an affected employee or beneficiary is not found but is subsequently located on a later date, the
Plan Sponsor will make corrective contributions to the affected SARSEP IRA account at that time.
D. Failure to provide eligible employees with the opportunity to make elective deferrals (SARSEPs only)
The plan did not provide employee(s) who satisfied the applicable eligibility requirements with the opportunity to make elective
deferrals to the SARSEP. The failure occurred for the following plan year(s):
Description of the Proposed Method of Correction:
The Plan Sponsor has contributed (or will contribute) additional amounts to the plan on behalf of each affected employee. The
corrective contribution will be made to compensate the affected employee(s) for the missed deferral opportunity. The corrective
contribution on behalf of each affected employee is equal to 50% of what the employee’s deferral might have been had he or she
been provided with the opportunity to make elective deferrals to the plan. Since the employee’s deferral decision is not known, the
deferral amount is estimated by determining the average of the deferral percentages for the employee’s group (highly
compensated or nonhighly compensated). (Example: N, an NHCE, was erroneously excluded from the plan. During the year of
exclusion, N made $10,000 in compensation. The average of the deferral percentages for other NHCEs who were provided with
the opportunity to make elective deferrals was 5%. N’s missed deferral is estimated to be: 5% times $10,000 or $500. The required
corrective contribution on behalf of N, before adjusting for Earnings, is 50% of $500 or $250.)
14568-C
Catalog Number 66147U
Form
(1-2014)
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