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What are adjustments?

April 26, 2017adjustments

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What are adjustments?

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Certain costs are required of a property owner; (for example, property taxes, sewer and water charges, fuel and association dues). Adjustments are made at the closing so that the seller pays those closing costs up to the closing day, and the buyer pays them from the closing day forward.

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Adjustments are corrections to transactions made on your account. Adjustments to contribution and loan payment transactions will be reported as a negative amount while adjustments to withdrawals and loan disbursements will be reported as a positive amount. The adjustment amount shown in Your Annual Account Summary is the net amount of all adjustments to your account. For detailed information on your adjustments, you should refer to your quarterly statements. Note: The most common adjustment to participants’ accounts is the retrieval of funds by their payroll offices because of an erroneous contribution.