Payroll - Remittance of Employee Contributions to College 403(b) Plan

Date of Original Implementation: August 2011

Date of Last Revision: October 2011

Purpose:

The purpose of this policy is to state when the College will remit employee contributions to the College’s 403(b) plan to the plan custodian.

Scope:

This policy applies to all 403(b) contributions made by employees to the College’s 403(b) plan through payroll deductions.

Additional Authority:

Employee Retirement Income Security Act (“ERISA”).

Policy:

ERISA requires that employee contributions to a 403(b) plan be deposited to the plan as soon as it is reasonably possible, but no later than the fifteenth business day of the month following the pay day. If an employer can reasonably make the deposit sooner, it is required to do so.

The College will be remit employee 403(b) contributions to the custodian of the plan on the second business day following each pay date.

 

Individual Responsible for Implementation and Revision: Vice President for Finance and Administration and Controller.