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Reporting Requirements
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401(k) deferrals must be
reported separately from other contributions and per
Department of Labor regulations (Section 2510.3-102) must be
forwarded as of the earliest date on which the monies can
reasonably be segregated frm the employer's general assets.
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This can be no later than the
15th day of the month following the month in which the
contributions were withheld from pay. However, if the 401(k)
deferrals can be reasonably segregated sooner, then these
funds must be remitted earlier.
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An Employer who falls
delinquent is subject to 10% liquidated damages, a $200
late filing fee, and a 18% annual interest rate on
contributions due from the date of the delinquency until the
date of payment.
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The Unions may remove
employees from a delinquent Employer, with a twenty-four
(24) hour notice.
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Owners who are Sole
Proprietors are prohibited by law from contributing to the
Defined Contribution (401(k)) Fund.
The above is a summary only - please
see your Collective Bargaining Agreement, the Trust Documents,
and the Collection Policy for governing requirements.
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