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Operational Errors
Two Partners at Weaver’s Assurance Service Department, Kerri Franz, and Aracely Rios, joined Beyond the Numbers to talk about the top five operational errors that occur and how to reduce them.
Untimely remittances of employee contributions can occur if the plan sponsor does not transmit those contributions or loan payments to the trust in a timely fashion. Franz advised that clients should make sure these contributions are deposited in the same amount of time, a day or two, as payroll taxes get deposited.
“A plan sponsor, and the manager of the plan, should be familiar with the definition of…
The skinny
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