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Highly compensated new hire - 401k limits

edited Jul 3, 2019 8:35AM in Payroll and OTL - EBS (MOSC) 3 commentsAnswered

We have a highly-compensated new hire that has already contributed significantly to his 401k for 2019 with another company.  We want the system to stop at appropriated limits, but since he was hired in mid-year, we are considering entering a balance adjustment to designate his contributions to date with the old company.  We will then do a second balance adjustment at the end of the year to pull that "beginning balance" out so end of year reporting is correct.  I am sure this has come up with other companies.  Is this the best approach?

Any feedback is appreciated.

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