October 18, 2018
Authored by: Meredith Jacobowitz and Lisa Van Fleet
This week, we are discussing the five most common compliance mistakes made by 401(k) plan administrators and fiduciaries, the potential liability associated with such mistakes, and steps you can take to avoid making them yourself.
On Monday, we discussed failures to timely update plan documents.
On Tuesday, we discussed an SPD’s failure to accurately describe the terms of a plan.
On Wednesday, we discussed a plan’s definition of compensation.
In this, our penultimate post, we discuss the most common mistake of all: delinquent contributions.
Employers are required to contribute employees’ elective deferrals to the plan on the earliest date that the contributions can reasonably be segregated from the employer’s general assets, and in no event later than the fifteenth (15th) business day of the month following the month in which the participant contributions are withheld or received by