PFRDA

Best way to correct excess contributions to pension fund?

Public Comments

1. excess withdraws? ><
2. Roll them back out. The account custodian can tell you exactly what needs to be done. Depending upon the pension fund you may be assessed a penalty for each year that excess contributions remain on deposit. The only way to avoid the penalties is to roll the excess back out during the tax year when they were made.
3. speck to the administrator of the plan at your job or human resources are you sure you are contributing too much my boyfriend works for Merrill Lynch the min, is 10% of your annual earnings. esp if you are younger you really can' t contribute too much for example if someone 20 years old contrbibuted 10% for 10 years and never added another dime vs someone in their 40's who contributed the same 10% that person will never be as better off as the person in their 20's hope i made that clear , very intense answer and difficult for me to get my point accross but hoped that i helped you good luck