Between technology and service providers, there are several different ways to ensure timely deposits of employee deferrals. Scheduled bank drafts, recordkeepers, payroll providers, and other sources can help schedule and track deposits, keeping you in compliance with the DOL. Many recordkeepers, like MVP, have automatic system reminders when payroll dates have passed but deposits have not been completed.
If you are not getting the support you need from providers, perhaps MVP can help. We can be a partner to guide you along the way; just give us a call to discuss your pain points!
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