This Employee Benefit Plan Audit Quality Center (EBPAQC) primer provides a general understanding of the DOL’s rules and regulations regarding the remittance of employee contributions and loan repayments in defined contribution retirement plans.
This primer addresses:
DOL rules for remittance of employee contributions and loan repayments.
Plan management’s responsibilities for ensuring timely remittances.
The auditor’s responsibilities.
Consequences for failure to timely remit employee contributions and loan repayments.
Additional DOL and AICPA resources.