Deadlines to Deposit Participant Contributions in a 401(K) Plan
As the sponsor of a 401k plan, you have a fiduciary responsibility to timely deposit participant contributions in your plan’s trust or custodial account. Failing to do so is a fiduciary violation, and constitutes a prohibited transaction that subjects you to an excise tax.
Correction Program Department Of Labor Compliance Check Under Department Relief Notice Have Late Deposits
Source: natlawreview.com