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COMMITTED TO PROTECTING EMPLOYEE CONTRIBUTIONS

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) is committed to protecting employee contributions to 401(k) and other defined contribution plans. As part of this commitment, they want to ensure that employee elective deferrals and loan payments are deposited to the plan’s trust account in a timely manner and have provided employers a guideline for the deposit timing.

CELEBRATE RETIREMENT READINESS WITH RANDALL + HURLEY

One of our favorite holidays is right around the corner. The Plan Sponsor Council of America (“PSCA”) has celebrated National 401(k) Day four days following Labor Day since 1996. This year National 401(k) Day will be on Friday, September 8th and we want you to celebrate with us!

AUGUST RESOURCE SPOTLIGHT

The Department of Labor (“DOL”) requires that employee salary deferral contributions and loan repayments be submitted on the earliest date the amounts can reasonably be separated from the employer’s general assets. If you have an untimely deposit, we’re here to help.

CORRECTING ELECTIVE DEFERRAL ERRORS

All too often, the sponsor of a 401(k) or 403(b) plan discovers that elective deferral contributions were not deducted from the pay of an eligible employee(s) which results in what the IRS calls a “missed deferral opportunity.”