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Delayed Deposits of Employee Salary Deferrals Due to COVID-19
Retirement Learning Center, LLC Link to more items from this source
May 13, 2020

"EBSA Disaster Relief Notice 2020-01 relaxes the remittance requirements for some employers.... The phrase, '… solely on the basis of a failure attributable to the COVID-19 outbreak,' is narrow. Therefore, if a delay is necessary, ... a prudent course of action would be to clearly document and provide detail in the plan records (a.k.a., the 'fiduciary file') why the delay was attributable to COVID-19, and how the plan complied as soon as administratively practicable under the circumstances."

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