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Asked 8/24/2010
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Can an employer hold their contributions for almost 2 years? My employer will not contribute to my 401K unless I work the entire year..If I am still employed after the last day of the year, they will contribute their match....but not until October? What gives? |
Answer 1/2 - Submitted 9/14/2010
An employer can not hold the contributions for two years. For your elective contributions, the employer must deposit the und as early as administrative possible, but not after 15 business days after the month end.
You must be talking about the employer discretionary contributions. It is rare to take this long because they can not take the tax deduction for the contributions.
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