Late Deposits - Prohibited Tran?

[Guest luck]

Just found this site - thank goodness.

I realize late deposits are considered prohibited transactions, but my problem is...what is considered late? If a company is consistently depositing by the 15th of the following month are they still not timely due to the "reasonably segregated from employer's general assets" rule?

Do we report a prohibited transaction since the company could have deposited the contributions earlier than the 15th?

Any help would be appreciated.

Thank you!

[WDIK]

Perhaps the following thread may be of some assistance.

http://benefitslink.com/boards/index.php?showtopic=27517

[Guest luck]

Thank you!