Top 10 Mistakes 401k Plan Sponsors Make: Mistake #7 – Wrong Definition of Compensation
Continuing our series on top mistakes made by 401k and 403b plan sponsors, Fisher Broyles attorney Sarah Ivy reviews when plan documents define compensation one way yet the plan is administered another way.
The repercussions are enormous for what can seem like an innocent mistake including disqualification of the plan.
What should plan sponsors do to avoid this mistake and what should they do if they discover that a mistake was made? Watch this fascinating video to learn more.