On January 14, 2010, the Department of Labor issued final regulations for the timely deposit of employee 401(k) contributions and loan repayments.  This ruling now requires plan sponsors with fewer than 100 eligible participants to deposit employee 401(k) contributions and loan repayments to their plan no later than the seventh business day following the payroll date.    

The DOL's ruling does not extend to plans with more than 100 eligible participants, but RPA recommends that all plan sponsors comply with the new ruling.

Please contact your RPA plan administrator if you have any questions regarding the Department of Labor's seven business day safe harbor rule.