DOL Reviews Worker Contribution Plan Asset Rules
Published Date: 3/14/2025
Notice
Summary
The Department of Labor is asking for public feedback on rules about when employee contributions to benefit plans officially become part of the plan’s assets. Employers must follow clear deadlines—usually within 15 business days—and can request a 10-day extension if they meet certain conditions. This helps protect workers’ money and keeps employers accountable, with comments due by April 14, 2025.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
15-Business-Day Deposit Deadline
When your employer withholds or collects money you pay for an employee benefit plan, those monies become plan assets by the earliest date they can be separated from the employer's funds. The rule sets a maximum time limit of 15 business days following the end of the month in which the contribution was received or withheld.
10-Day Extension Option for Employers
An employer who withholds participant contributions for an employee pension plan may obtain a 10-business-day extension of the 15-business-day maximum for contributions received in a single month if certain requirements (including information collection requirements) are met. The extension is available on a month-by-month basis under the regulation's procedure.
Required Participant Notice After Extension
If an employer uses the 10-business-day extension, the employer must give written notice to participants within five business days after the end of the extension period stating why the transfer was late, confirming the contributions were transmitted to the plan, and providing the transmission date. The employer also must send a copy of that notice and a certification to the Secretary within five business days after the end of the extension period.
Information-Collection Burden on Employers
The Department is seeking Office of Management and Budget approval for the information collection (OMB Control Number 1210-0100) covering this rule, with DOL estimating 251 total respondents, 251 total responses, a total estimated annual time burden of 12 hours, and total estimated annual other costs of $201. DOL requests authorization for three (3) years.
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