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Category: Business Law
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I have a simple IRA at work that started the middle of last

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I have a simple IRA at work that started the middle of last year. My employer takes out a percentage of my bi-weekly check to deposit into my account. At the end of last year when I got my statement and W-2, I was able to determine that my employer is holding my money for 2 months before forwarding it to my IRA account. Is this common practice, and what is the laws pertaining to this?
Hello and thank you for your question. are you saying the employer is not crediting your account correctly?
Customer: replied 7 years ago.
I don't think it is being credited on time. At the end of last year my account was not credited for the deductions taken off of my checks from mid-October until the end of the year. They are using my money and collecting interest on it for over two months before it goes into my account.
If HR and management wont account or remedy the problem, the next step is a complaint to the state labor department.
Customer: replied 7 years ago.
What are the laws concerning the amount of time that a company has when they take money off of a check to the time they have to deposit it into a simple IRA account?
It is supposed to happen immediately and without delay. It is not a specific time frame
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