THERE ARE REGULATIONS TO THE LENGTH OF THE FLOAT PERIOD AN EMPLOYER IS
GIVEN TO PLACE YOUR CONTRIBUTIONS INTO YOUR 401(k). DISRESPECT OF THESE
REGULATIONS IS ILLEGAL. FIRST CONTACT YOUR EMPLOYER AND ASK WHY IT
TAKES SO LONG FOR YOUR MONEY TO BE DEPOSITED AND ASK HIM WHAT HE IS
GOING TO DO ABOUT ANY LOST MARKET GAINS THAT MONEY WOULD HAVE EARNED HAD
IT BEEN DEPOSITED IN A TIMELY MANNER. THEN CONTACT THE AUTHORITIES.

stanlj wrote:
- quote -

leroyski10[at]hotmail.com (stanlj) writes:

- quote -

That's not right.

According to
http://www.401khelpcenter.com/mpower...e_longday.html

they have 15 days from the end of the month in which the money
was removed from your paycheck:

Your employer has to send the 401(k) plan assets to the plan
trustee no later than 15 business days after the end of the month
in which the money is deducted. This may seem like a long time,
especially if your paycheck comes at the beginning of the month,
but you should keep in mind that this is not a "deadline" per se,
but an outer limit. The Department of Labor (DOL) regulations that
govern 401(k) plans actually require your employer to put assets
destined for the plan into the plan as soon as possible.

If you get paid on the 10th of each month, for example, and your
employer only sends your money to the trustee 15 business days after
the end of the month, your employer may be fined if audited by the
DOL, says Mr. Benna. He always advises his plan sponsor clients to
make the transfer before the end of the month.

Originally, the DOL regulations imposed a 90-day outer limit, but this
was shortened in 1997 because some employers were found to be abusing
the system.

Your employer can request an extension of 10 business days beyond the
15 allowed, but most don't because it involves time-consuming
administrative procedures and the embarrassment of notifying employees
of the delay.

If they're really taking 9 months, they've _never_ been
in line. Are they really taking that long or, maybe, is
that how long it is before you actually got a copy of
a statement showing it?

Some plans don't send statements that often and you may
very well have control over that.

If they're really taking that long to deposit the money,
contacting the Department of Labor might not be a bad idea.
Again, see the web page indicated above.


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401k money has come out of my paycheck but is not deposited to my 401k
account. They have waited as long as 9 months before they deposited
my money. Is this legal? Are they allowed to do this?