Guest blackacre Posted September 3, 2003 Posted September 3, 2003 Is there a specific time requirement within which an employer has to forward payroll deducted amounts for repayment of a loan from a participant's 401(k) account? The employee reports that the repayment amount is taken out of each pay check but that it is not forwarded to the plan administrator for weeks making the posting of the repayments several pay periods behind. Thanks for your help.
Harwood Posted September 3, 2003 Posted September 3, 2003 The Dept. of Labor feels that loan repayments should be treated like employee deferrals and after-tax contributions: remit as soon as possible. http://www.dol.gov/ebsa/regs/aos/ao2002-02a.html http://www.dol.gov/ebsa/faqs/faq_VFCP.html
Guest blackacre Posted September 3, 2003 Posted September 3, 2003 Harwood, Thank you so much for your prompt and helpful response. I appreciate it very much. blackacre
Guest carsca Posted March 11, 2004 Posted March 11, 2004 Do you need to file Form 5330 with the IRS in this case?
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