Hey dgrieshofer-
Your reproduction steps helped me see what you were experiencing and I have entered a bug report that you can follow here: Unreal Engine Issues and Bug Tracker (UE-34762)
With the reflection plane selected, I found that editing the value for “Angle from Plane Fade End” had the greatest effect on removing the the improper reflection. You can try tweaking this value for whatever your project needs.
Cheers