SECTION 590:40-7-11. Mistaken Employer contribution

Latest version.

(a) Allocation error. If an Employer contribution has been allocated to an Account in error, the Recordkeeper shall reallocate the contributions, plus any gain or less any loss, from such Account to a suspense account as soon as administratively possible but not later than the Plan Year immediately following the Plan Year in which the mistaken Employer Contribution was made.
(b) Suspense account. Amounts so reallocated to a suspense account shall be used to reduce the Employer Contribution.

[Source: Added at 32 Ok Reg 2179, eff 9-11-15]

                    
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