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In looking into this issue regarding the company I
work for, I came across this issue of the Federal
Register:

http://www2.dol.gov/dol/pwba/public/regs/fedreg/final/96_19791.htm

From my reading of it, what you said the IRS told
you is almost correct. Your employer has until
the 15th business day of the following month to
transfer your contributions to a trust, which
is not exactly the same thing as getting those funds
all of the way into your 401(k) account.

Philip
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