If your contribution does fall under the mistake of fact classification

In the event that you determine that a good faith mistake of fact has occurred, ERISA Section 403(c)(2)(A) provides that you may request a return of the contribution within one year of the error. 

With a mistake of fact, you may request that funds be used for future contributions, or may request that the funds be returned to you. You, as the employer, won’t receive a refund of earnings on a mistaken overpayment, and will bear any market losses. 

Remember, errors that do not fall within the strict mistake of fact definition can still be corrected, however funds will remain in the plan and may in some cases be applied to future employer contributions.

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