Did You Know plan fiduciaries are responsible for timely deposits?
The responsibility of depositing employee deferrals timely ultimately falls to the plan fiduciary, but who is that exactly? The plan specifications will designate this person, and they could be the owner(s), CEO, another executive officer, an HR Manager, or even an outsourced Plan Administrator. It’s important to know who holds this responsibility, and if you don’t know, it’s time to find out. It might be you!
MVP can help navigate a plan document and decipher responsibilities and liability. Reach out to us today to know your responsibility lineup.