What is the name of your state?What is the name of your state? CO
My employer has a history of taking a long time to deposit 401k contributions. On the dol website it says this:
Employee Contributions
If a plan provides for salary reductions from employees’ paychecks for contribution to the plan (such as in a 401(k) plan), then the employer must deposit the contributions in a timely manner. The law requires that participant contributions be deposited in the plan as soon as it is reasonably possible to segregate them from the company’s assets, but no later than the 15th business day of the month following the payday. If employers can reasonably make the deposits sooner, they need to do so.
So I think this is saying they have until the 15th business day on the month following the payday? So in other words for a payday anytime in July they have until August 19th which is the 15th business day in the month following?
Or is it 15 business days after the payday?
My employer has a history of taking a long time to deposit 401k contributions. On the dol website it says this:
Employee Contributions
If a plan provides for salary reductions from employees’ paychecks for contribution to the plan (such as in a 401(k) plan), then the employer must deposit the contributions in a timely manner. The law requires that participant contributions be deposited in the plan as soon as it is reasonably possible to segregate them from the company’s assets, but no later than the 15th business day of the month following the payday. If employers can reasonably make the deposits sooner, they need to do so.
So I think this is saying they have until the 15th business day on the month following the payday? So in other words for a payday anytime in July they have until August 19th which is the 15th business day in the month following?
Or is it 15 business days after the payday?