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- Title
Participant Contribution Timing Needs Scrutiny.
- Authors
Marshall, Jeffrey; Heffes, Ellen M.
- Abstract
The article discusses the timely remittance of participant contributions in relation to employee benefits. Failure to remit or untimely remittance of participant contribution is a prohibited transaction under the U.S.' Employee Retirement Income Security Act. The practice is considered an extension of credit, unlawful financing, or the use of plan assets for the benefit of the employer. Plan sponsors must be aware that the 15th day of the following month is not a safe harbour for plan assets to be segregated.
- Subjects
UNITED States; DEFINED contribution pension plans; RETIREMENT income laws; REMITTANCES; UNITED States. Dept. of Labor. Employee Benefits Security Administration; PENSION laws; EMPLOYEE benefit laws; DEFERRED compensation laws; RETIREMENT benefit laws; RETIREMENT policies
- Publication
Financial Executive, 2005, Vol 21, Issue 7, p10
- ISSN
0895-4186
- Publication type
Article