Legal proceedings via SI Message Board

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Pastimes : Legal proceedings via SI

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To: Estimated Prophet who wrote (179)	12/17/1998 9:33:00 PM
From: EL KABONG!!!	Read Replies (1) of 242

EP, The company is allowed a reasonable period of time to deposit the withholdings into the 401(k) vehicle. Don't hold me to this, but I think the period is defined as 15 days following the month in which the 401(k) withholding occurred. So (using this month as an example), if you were an every Friday paycheck employee, that means that the monies withheld on 12/04/98, 12/11/98, 12/18/98 and 12/25/98 wouldn't have to be in the 401(k) investment vehicle until 01/15/99. The company is allowed to invest the withholdings into a (safe) short term investment vehicle (such as overnights) and pocket the earnings to offset the costs of administering the plan, even though the investment vehicle itself (say Fidelity) charges you a periodic administrative fee. If you're really interested, you can look it up under the ERISA laws at the Department of Labor. But you need to be a lawyer to understand... Oh, wait. You are a lawyer. Be my guest... KJC

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