I received the following email stating that ExpertPlan did not receive the contribution detail or dollars for our Annual Employer payroll. Why did I get it?
Dear Contribution Processor, We have yet to receive either the contribution detail or dollars from you for your plan’s Annual Employer payroll of 12/31/2001. The Department of Labor (DOL) regulations require that participant contributions to a plan be deposited to the plan on the earliest date that they can be reasonably segregated from an employer’s general assets, but in no event later than the 15th business day of the month following the month in which the participant contributions are deducted from their pay. Therefore please send this payroll detail and dollars to us for processing as soon as possible in order to comply with this DOL regulation. If this is in reference to an annual employer funded contribution then the DOL regulation does not apply and you will only get this one reminder notice. This reminder message pertains to the Annual Discretionary Profit Sharing Contribution. Based on your plan document, you have the option of making a profit-sharing contribution at the end
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