When will UMB return excess contributions?
A custodial responsibility requires that UMB return contributions that are believed in good faith to exceed the sum of the maximum annual family contribution plus the catch-up contribution amount as determined by the IRS. Since maximum annual contribution limits may vary depending on whether the accountholder has individual or family coverage, the number of eligible months during the year, and their age, the accountholder should not rely on UMB to determine whether their contributions exceed their personal maximum annual contribution limit. UMB will also return contributions when the accountholder notifies us that they have made an excess contribution. The accountholder may be charged a fee if UMB returns a contribution.