Guest LVanSteeter Posted June 17, 2004 Posted June 17, 2004 Situation: Small 401(k) plan had a fire that destroyed office. Due to this there were late employee contributions on 1 or 2 payrolls while they recreated their records. Should they answer yes or no on Schdule I Part II 4a? Surely they are not the only employer that this has happened to, where contributions were delayed through no fault of theirs. Is there a DOL exception for cases of flood, fire, or other 'act of God' type of situation?
Archimage Posted June 17, 2004 Posted June 17, 2004 I would agree with you. I think the DOL would agree that this was "as soon as administratively feasible". As long as they are under the maximum window of 15 business days following the month in which the deferrals are made I would check "no".
Guest LVanSteeter Posted June 18, 2004 Posted June 18, 2004 What if they went over the 15 day window due to the fire? The company is one that is often a target for staged protests and the fire may have been arson. Is there any exception to that 15 day window?
Guest LVanSteeter Posted June 18, 2004 Posted June 18, 2004 What about the "additonal ten days provided the employer notifies the participants and explains why additional time is required"?
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