Level 11
04-07-2022
04:55 PM
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The limit on annual employee 401(k) deferrals is per live-bodied person. The employer contribution has some rules that let you work around the limits, and people who participate in the right combination of plans can work around the limits, but your guy is out of luck.
He also needs to withdraw the excess deferral, and earnings thereon, from whichever plan he likes talking to the most, by 4/18.