What are the options if someone's retirement plan administrator (in this case, a 457 plan for state employees) is consistently depositing employees' contributions into their account late? My husband is a state employee and we max out his 457. He gets paid monthly on the 1st of the month. Initially the contributions would show up in his account within 9-10 days of that monthly paycheck, then it became 15-20 days, and most recently it has become 25-30 days. As I write (May 14), his contributions from his April 1 paycheck have still not been deposited. He sent a few e-mails but has not gotten any response yet.
Is there any way for employees to report the plan administrator for this? Some basic googling indicates that plan administrators have a fiduciary responsibility to ensure timely deposits, but I don't know what constitutes timely and whether this particular plan has breached that standard. Six weeks seems a bit ridiculous, though. That's six weeks that this large contribution has not been earning any returns in the market, which over the past six weeks may not have been trivial! Hoping that wiser minds on this board can point me in the right direction.