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DEAR WORKFORCE

iDear Workforce -IWhen Must I Transfer 401(k) Money

You've got 15 days.
May 31, 2000
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Related Topics: Retirement/Pensions, Dear Workforce
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Q

Dear Workforce:

Is there a law or standard time frame a company must follow when transferring employees' money to the company 401(k) plan? We sometimes allow up to 10.

--Anne Harney, Human Resources Director, Collins Engineers, Inc.

A Dear Anne:

You have little to fear.

You have 15 business days from the time you received the money or the money was placed in your general business account.

 

SOURCE: Todd Raphael, Online Editor for Workforce, and the United States Department of Labor, April 26, 2000.

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 The information contained in this article is intended to provide useful information on the topic covered, but should not be construed as legal advice or a legal opinion. Also remember that state laws may differ from the federal law.

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