I have a client who is a third-party administrator and it appears that a former employee put them in a bind by giving some truly awful advice to a client. The advice was that the plan sponsor could make a contribution for the plan year that was prior to the effective date of the plan. Yes, you read that right. Since I don\u2019t have a DeLorean time machine, I\u2019ve been working with them to fix what could be a major problem if ever detected on a government audit.<\/p>\n
If you give your employees proper training, these kinds of catastrophic errors won\u2019t be much of an issue. If you don\u2019t, these errors will be a regular thing.<\/p>\n
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