The AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) has developed this non-authoritative plan advisory to help plan management understand and apply the DOL’s rules related to the timely remittance of employee deferrals and loan repayments for a defined contribution retirement plan. The rules are complex and often misunderstood, and failure to comply may result in reporting compliance enforcement action, including civil monetary penalties to the plan sponsor.
This advisory provides:
An overview of the DOL’s rules for timely remittance