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Question about 401K deductions- VA

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  • Question about 401K deductions- VA

    I have a question about my 401K deductions. My employer matches 50% up to 4% of pay, but my question is- is there a maximum allowable time for my employer to deposit my deducted pay for 401K? I get paid bi-weekly; they started my deductions for 401K 6 weeks (three pay periods ago) and my 401K account only shows my first deposit...I called corporate HQ and they said they haven't sent in the other deposits yet! Can they hold my money that long before making a deposit? Seems to me there would be a limitation as to when the deposit has to be made?

    Thanks,
    Darrell

  • #2
    The law says they must remit contributions as soon as is "reasonably possible" to calculate the amounts. With all the payroll systems these days that can do this immediately upon producing the payroll, "reasonable" should be within 2-3 days. However, I believe the law does state no longer than 15 days. cbg, Beth?
    I don't respond to Private Messages unless the moderator specifically refers you to me for that purpose. Thank you.

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    • #3
      That's my understanding too, although I believe there have been some changes in the law since I last administered a 401k plan. Beth? It's down to you.
      The above answer, whatever it is, assumes that no legally binding and enforceable contract or CBA says otherwise. If it does, then the terms of the contract or CBA apply.

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