PAC Deduction for Prior Year
We found that one of our employees exceeded the CO PAC limit in 2017 and the refund was never completed in 2017. This wouldn't be a refund to the employee but moving the funds from one PAC-A to PAC-B for 2017. This “refund” request came from the PAC team and they are already sending the over contribution back to our company for the PAC.
Since we are now in 2018 what do we need to do to correct this for 2017? These PAC deductions are both after-tax. Would we still need to do a W2C or how would we record this on the employees pay record?