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What are the consequences if the deferral percentage limitation is exceeded?

consequences deferral exceeded limitation PERCENTAGE
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What are the consequences if the deferral percentage limitation is exceeded?

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Elective deferrals of highly compensated employees (HCEs) that are more than the amount permitted under the deferral percentage limitation are excess SEP contributions. Excess SEP contributions (and earnings) must be withdrawn from the employees’ SEP-IRAs.

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