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Ensuring Participant 401(k) Contributions and Loan Repayments Meet DOL Regs
Retirement Management Services Link to more items from this source
Aug. 20, 2014
"The most effective way to ensure that standards are met is to implement internal controls with set procedures.... Frequent payroll reconciliations -- once a month (or every pay period)... Deposit with each payroll ... Review and sign off on manual input ... Reconcile totals with each pay period ... Annually, review total deferrals per the W-3 to a list of payroll periods with the pay date and related deferral amounts ... Cross-train employees on payroll deposit procedures."

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