WASHINGTON The Labor Department on Monday proposed to sharplyreduce the time employers have to invest their employees'contributions to 401(k) pension plans.
Labor Secretary Robert B. Reich said employers should berequired to deposit employee contributions to pension funds on thesame schedule that they transmit federal income tax or SocialSecurity withholdings to the Internal Revenue Service.
"This means that most large companies will have to deposit401(k) contributions within one day after they are received," Reichsaid. "Smaller companies will have a longer period of time dependingon their size, but almost all will have to deposit employeecontributions within 30 …
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