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Why is it important to get 401(k) information to Compensation Planning Inc. promptly?

April 26, 2017compensation k planning promptly

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Why is it important to get 401(k) information to Compensation Planning Inc. promptly?

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If there is a problem with passing salary deferral (401(k)) and match (401(m)) testing and refunds are to be made, corrective distributions must be made within 2 months after the end of the plan year to avoid paying a 10% excise tax.