Guideline makes reasonable efforts to ensure your intended deferral elections and employer contributions are handled correctly. However, there may be instances where your contributions are not made in the correct amounts, at the correct times, or in ways that do not comply with the Plan Document or other applicable laws and regulations.
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In almost all cases, your plan sponsor (i.e., your employer) can work with Guideline to correct contribution errors through the IRS’ Employee Plans Compliance Resolution System (EPCRS) program. While the IRS does not require that we notify them of the correction, they do provide specific guidance on how corrections must be done. As a result, corrections may take up to a month to complete to ensure proper handling.
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If you noticed a contribution error either in your Guideline participant dashboard or on your paycheck, please contact your employer as soon as possible to discuss your options. (Feel free to share this article with your administrator if they need additional assistance on correcting errors.)