What were the Form 5500 reporting requirements for delinquent participant contributions prior to plan year 2003?
Since 1995, the Employee Benefits Security Administration (EBSA) has pursued an aggressive enforcement project intended to safeguard employee contributions to 401(k) plans and health care and other welfare plans by investigating situations in which employers delay in forwarding participant contributions to employee benefit plans. As part of that effort, plan administrators who are required to file Form 5500 financial information on a Schedule H (large plans) or Schedule I (small plans) must report on Line 4a of the schedule whether an employer failed to transmit to the plan any participant contributions within the time period set forth in the Department s plan asset regulation at 29 CFR ยง 2510.3-102. Under the regulation, amounts paid by a plan participant or beneficiary or withheld by an employer from a participant s wages for contribution to a plan are plan assets on the earliest date that they can reasonably be segregated from the employer’s general assets, but in no event later tha
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