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7 Business Day Safe Harbor Rule for Small Plans
Wednesday, 03 February 2010 17:05

By Terry A. Reynolds, QKA Administrator

It is official (for Small Plans)!

The DOL published final regulations on January 14, 2010 providing a safe harbor rule for the timely deposit of employee contributions. This safe harbor currently only applies to retirement and Health & Welfare Plans with fewer than 100 participants and is effective as of the date of publication.

The safe harbor provides that the employee contributions are deemed to be timely if the amounts are deposited with the plan no later than the 7th business day following the date the contributions are received by the employer, or following the date the amounts would otherwise have been paid to the employee as compensation.

Call Terry at (509) 663-1661 to learn how she can assist your business today.

 

 
 

  • "Cordell, Neher & Company’s payroll division has been doing our orchard payroll and quarterly payroll reports for the past 8 years. We are very pleased with the professional and courteous service that is always provided to us. Our payroll is processed in a very timely manner, it is always accurate and we only write the checks! We would never go back to processing our own payroll again! Thank you Cordell, Neher & Company and especially Dawna Chase."

     

    Mary Ann & Bill Bullock
    Bullock Orchard, Inc.
    Omak, WA