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Timing 403(b) Remittances

Q. The local public school district has been remitting employee elective deferrals to the 403(b) plan every three months or so. I recall something in the 403(b) regulations about the timing of the remittance of elective deferrals, but don't remember the details.

A. The local school district is required, under the final regulations, to remit the amounts no later than the 15th business day of the month following the month in which the deferrals were taken from the paycheck. Thus, they need to speed up the remittances to avoid having to pay interest for the lost opportunity of the late deferrals.