Example: bankruptcy
Basic Payroll Dictionary of Payroll and HR Terms
actually send the 401(k) amounts withheld from employee checks to their 401(k) administrator (such as CIGNA or Merrill Lynch, etc.). If a client uses ADP’s 401(k) service, then ADP calculates and deducts amounts from employee checks, and is also responsible for handling the financial transactions associated with those deductions.
Download Basic Payroll Dictionary of Payroll and HR Terms
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