Page 41 - AprDefComp

Employee contributions

• Deferral elections remain in effect until

cancelled by the participant

• Amounts withheld from paychecks must be

remitted according to normal guidelines

• Large plan filers - "as soon as practical" after

being withheld but never later than the 15 th

business day of the following month

• Small plan filers - deemed compliance if

made within seven business days

• Failing to remit on time is a fiduciary breach and

several prohibited transactions subject to
financial penalties

• Intentional failure to remit is a potential criminal

act in addition to fiduciary breach and

prohibited transactions

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