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DOL's Proposed 7-Day Safe Harbor for Employee Contributions May Affect FAB 2008-01
The Pension Protection Act Blog [Guidance Overview] Mar. 4, 2008
Excerpt: In December of 2007, the Dept. of Labor released Field Assistance Bulletin 2008-01 addressing the trustee's responsibility for the collection of delinquent employer and employee contributions. Part of the regulatory authority relied on by FAB 2008-01 was affected last Friday when the DOL released the new proposed safe harbor for employee contributions. This new proposed rule affects Labor Reg. 2510.3-102(a) by adding subsection (a)(2), which contains a 7-day safe harbor period for contributions, and which adds loan repayments alongside the contribution requirements in Labor Reg. 2510.3-102(a)(1).
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