Chronology of a late deposit of withheld participant contributions
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- List the pay date, the amount withheld, the date deposited, and the number of participants at the start of the plan year. Do not describe a correction.
- What the lawyer must review
- You design any correction. 29 C.F.R. § 2510.3-102 is the timing rule for amounts withheld from wages or paid by the participant to the employer. Plan assets arise on the earliest date those amounts can reasonably be segregated. The 15th business day of the following month is the outside date for a pension plan. The 7th business day is an optional safe harbour only for a plan with fewer than 100 participants at the beginning of the plan year. A business day is not a Saturday, a Sunday or a federal holiday. The Department of Labor's correction-program page did not state the steps of a correction, so do not describe one. This chronology is not the general rule table. Opinion 512: check every date against the payroll record. Keep the payroll out of a public tool (Model Rule 1.6).
- Written for / version
- United States versionUS
Who does what
| Role | What they do |
|---|---|
| Assistance | Consider narrowly defined preparation support after confirming the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Verify dates, people and sequence against contemporaneous records. Preserve uncertainty and identify gaps or conflicting accounts.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.