Business Services Industry
401(k) transfers not built in a day. (salary-reduction savings plans)(Opinions)(Editorial)
Business Insurance, March, 1996
How much time should an employer have to transfer employees' 401(k) plan salary deferrals from general corporate assets to the plan itself? While we don't have an exact answer, we know that just one day - the amount of time the Labor Department is proposing to give large employers in certain circumstances - is not enough.
Clearly, the current rules on transferring employee contributions to 401(k) and other benefit plans are out of date and should be strengthened. Those rules, put in place in 1988, require employee contributions to be transferred to plans as soon as possible, but in no case should the transfer be made later than 90 days after the employee makes the contribution. In today's era of electronic transfers, a 90-day window to transfer money into...
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