Expert: Shirley McAllister, CPP, PHR - 1/6/2009

Question
Our company has hit some tough times like many small business.  I did check today and found that our 401k contributions have not been deposited in 5 pay periods.  I am referring to the employee's contribution as there is no match.  What are the laws in WI regarding time frame on making employee deposits/contributions?

Answer
401K is Federal it is governed by the Department of Labor ERISA department.

You would contact the Department of Labor and let them know about the funds not being transmitted.

Here is the rule:

Employers must transmit employee contributions to pension plans as soon as they can reasonably be segregated from the employer’s general assets, but not later than the 15th  business day of the month immediately after the month in which the contributions either were withheld or received by the employer.

Here is the website in regards to pension rules:

http://www.dol.gov/ebsa/faqs/faq_consumer_pension.html

And here is a contact number for someone that can help you.

Wisconsin
Chicago Regional Office
200 West Adams Street, Suite 1600
Chicago, IL 60606
Tel 312.353.0900
Fax 312.353.1023




Shirley