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How do I fill this out?
To properly fill out this form, begin by reviewing your plan's compliance testing results. Next, ensure that you fill in each section accurately based on the guidelines provided. Finally, submit the form through the designated channels to complete corrective distributions.
How to fill out the Empower Corrective Distributions Overview?
1
Review the compliance testing results.
2
Complete the Empower Corrective Distribution Request Form.
3
Override any default settings as needed.
4
Submit the form electronically after thorough review.
5
Keep a copy of the submitted form for your records.
Who needs the Empower Corrective Distributions Overview?
1
Plan administrators who ensure compliance with IRS regulations.
2
HR personnel managing employee contributions and distributions.
3
Financial advisors assisting clients with 401(k) plans.
4
Employees who may need corrective action on their contributions.
5
Third-party administrators handling retirement plan support.
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What are the instructions for submitting this form?
To submit this form, please complete all required fields accurately. You can email it to submissions@empower.com or fax it to (555) 123-4567. Alternatively, upload the completed form to the Empower Plan Service Center for processing.
What are the important dates for this form in 2024 and 2025?
In 2024, ensure to complete corrections by mid-March. For plans with EACA or QACA, note the 6 month deadline. It's crucial to stay updated on tax implications for excess contributions.
What is the purpose of this form?
The purpose of this form is to facilitate compliance with IRS regulations surrounding 401(k) plans. It addresses how to manage corrective distributions effectively. By following the outlined procedures, participants and administrators can navigate contributions equitably.
Tell me about this form and its components and fields line-by-line.
- 1. Participant Information: Captures details regarding the involved participant, including their plan details.
- 2. Compliance Testing Results: Ensures that all necessary testing results are documented for review.
- 3. Corrective Action Required: Outlines what corrective actions are needed based on testing outcomes.
- 4. Signature Section: Allows for the necessary signatures from plan administrators and participants.
What happens if I fail to submit this form?
Failing to submit this form can lead to IRS penalties and tax implications for excess contributions.
- IRS Penalties: Excess contributions may incur a 10% excise tax if not resolved.
- Tax Liabilities: Participants may face immediate tax liabilities for un-accounted excess contributions.
- Compliance Issues: Non-compliance may lead to further scrutiny from regulatory agencies.
How do I know when to use this form?
- 1. Excess Contributions Identified: Submit when compliance testing shows HCE contributions exceed limits.
- 2. Tax Reporting Requirements: Necessary for filing 1099-R for corrective distributions.
- 3. Plan Year End Corrections: Utilize for submitting required adjustments within the 2.5 month window.
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What if I need to change the tax withholding?
Simply edit the relevant sections on the PDF.
How can I ensure I submit it on time?
Review the form details and submit it promptly.
What deadlines should I look out for?
Ensure compliance by noting the 2.5 month post-plan year end deadline.
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