Small employers: New rules on pension deposits — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Small employers: New rules on pension deposits

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Employers with pension and welfare benefit plans with fewer than 100 participants must deposit participant contributions within seven days of receiving them. The U.S. Department of Labor issued the new rule in January.

The DOL estimates the quick turnaround deposits will generate an additional $19 million to $44 million for the nation’s smallest pension plans.

Larger employers must transmit employee pension contributions to pension plans as soon as practical, but no later than the 15th business day of the following month.

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