Correcting ERISA 401(k) Plan Failures When Employee Contributions Are Not Remitted in a Timely Manner

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Correcting ERISA 401(k) Plan Failures When Employee Contributions Are Not Remitted in a Timely Manner
Aiken & Aiken PC

[Official Guidance]
Sept. 22, 2008

Excerpt: If contributions are not remitted in a timely manner, the failure could be held to be a prohibited transaction, a fiduciary breach or both. There are significant Department of Labor (DOL) penalties for both of these violations. Additionally, if there is a breach of fiduciary duty, then the plan's fiduciary could be held personally liable. MORE >>

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