I mistakenly contributed too much money to my 401(k) account; can I withdraw some of my contribution so I'm eligible for my employer's match?

I contributed $18,500 to my 401(k) account in 2018. This means I can no longer contribute any more to the account, and I will lose the company’s match, of over $10,000. Can I withdraw some of the contribution I made to the 401(k)?

Career / Compensation, 401(k)
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March 2018

Don't act too quickly! You're safe - don't worry.

The $18,500 limit is based on "employee" deferrals only. So that limit only caps your personal decision to put into the 401(k) plan.

Your employer match will be put into your 401(k) ON TOP of that amount. The limit set by the IRS for 2018 is $55,000 per year total deferral between employee AND employer.

So in short - you're safe. You've maxed out your contribution (unless you're over the age of 50, as then you get an additional $6,000 catch-up) and your employer is still required to put in your matching contribution.

March 2018
March 2018
March 2018
March 2018