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Asked 3/20/2008
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How long does doe an employer have to make you contibution to the plan with money withheld from you paycheck? An employer pays your salary on the 15th and last day of the month. On the payday, monies are withheld to contribute to the 401K plan. Is there a legal limit on the number of days after the payday event, when the money is withheld, until the contribution is made to a 401K plan?
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Answer 1/2 - Submitted 12/27/2009
Answer 2/2 - Submitted 12/28/2009
The "rule", though not really enforced, is that the employer has until the 15th business day of the month following the deduction.
So, they had until 4/15 or later (business days not days) to deposit into your account. It is not a liquid process, files must be sent, trading done by the administrator, and recordingkeeping for hours and salaries input as well for IRS filing purposes.
3 days is EXTREMELY quick... rare in fact. Most are 2-4 weeks....
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