I just went through this one with my company (thanks for the info Pixy).It depends upon how you count the days and when the contribution was held from your check. Officially, companies have until the 15th BUSINESS DAY into the month which follows the month in which funds are held from your check. In other words, all money must show as plan assets on Feb. 21, 2001 (15th business day of Feb.) for all funds held during the month of Jan., 2001. So it is possible for this to take 37 calendar days (or more) if money was held on Jan 2 or so.I will paste in the specific regulation forwarded to me by Pixy."The issue of timely deposit of plan assets is prescribed by ERISA. The interpretation of law that provided us the 15-day rule is found in DOL Regulation 2510.3-102, which says that "...participant contributions to employee pension benefit plans become plan assets on the earliest date that they can reasonably be segregated from the employer's general assets, but in no event later than the 15th business day of the month following the month in which the participant contributions are withheld or received by the employer."Good luck,LooseChange
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra