Discussion:403(b) Plan Employee Contributions - NonCompliance Disclosure
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Revision as of 19:58, 23 June 2009
Discussion Forum Index --> Accounting Questions --> 403(b) Plan Employee Contributions - NonCompliance Disclosure
| 23 June 2009 | |
| I have a client that I am drafting an audit report for; through my procedures, I discovered that they were in violation of DOL regulations regarding the deposit of employee conributions to the Company 403(b) plan. The issue is that, per ERISA, they are supposed to deposit the contributions by the 15th of the following month, or as soon as reasonably practical.
They did not do this; because of cash flow issues, they withheld the contributions, but did not deposit them until after year end. They are technically out of compliance, but they subsequently rectified it after year end. They did not receive any notices about plan violations. I have been searching my disclosure libraries for something that would cover this, but have not found anything on this specific topic. I was just going to disclose that they were out of compliance, but Management had subsequently rectified this. Anybody have a similar situation? | |
