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Forward 401(k) contributions on time … or else

by on
in Human Resources

The Labor Department is putting new teeth into its rules that require employers to deposit employee 401(k) contributions by the 15th business day of the month following the month in which the employee contributions are made. Labor has begun requiring 401(k) plan auditors to review the timing of employer deposits and confirm that they've been made on time. One slip-up can trigger excise taxes.

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