DOL Issues Final Rule on Employee Contribution Safe Harbor Period
The Department of Labor released a final rule on January 14 that requires employers with plans with fewer than 100 participants to deposit employee contributions to the plans within seven business days upon receiving or withholding the funds. The DOL hopes the clarification will assist plan sponsors in complying with regulations. According to the DOL, nearly 90% of applications submitted to its Voluntary Fiduciary Correction Program involve delinquent employee contributions. Click here to read about the release.