If contributions have been submitted incorrectly, there are a few actions that can take place in order to correct the contribution submission depending on how contributions were submitted. Before any corrective action can be taken it’s important to know what the error is and whether it was due to a Vestwell mistake or an Employer mistake.
When Submitting Contributions, if there is a mistake made, you will be able to cancel the submission through the Employer Portal. Common employer errors are due to clerical errors, to learn more please review our ‘Clerical Errors’ article. Once a contribution is submitted you will have the opportunity to cancel or edit the contribution depending on the status.
For mistakes on Vestwells end, Vestwell will proceed to process the correction and funds will be returned to the employer's bank account. By default funds will be returned to the forfeiture account, but it could also get returned to the savers account.