Easier rollover rules also bring mandatory withholding requirements
Article Abstract:
The Unemployment Compensation Amendments Act of 1992 facilitates the transfer of participants' qualified plan benefits to individual retirement accounts but this is accompanied by compulsory withholding of taxes. Eligibility requirements are more flexible but eligible rollover distributions paid directly to participants require 20% withholding. This maypose problems for plan administrations and participants initially but with proper instruction and implementation, the new regulations can reap benefits in the long run.
Publication Name: Benefits Quarterly
Subject: Human resources and labor relations
ISSN: 8756-1263
Year: 1993
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IRS resolution programs an alternative to audits
Article Abstract:
The IRS has come up with an improved policy on defective employment-benefit plans that would not result in an immediate disqualification. The new arrangement would subject sponsors of plans, which violated guidelines either in form or implementation, to certain penalties. This policy is embodied in two programs: the Administrative Policy Regarding Sanctions and the Employee Plans Closing Agreement Program.
Publication Name: Pension Management
Subject: Human resources and labor relations
ISSN: 1078-9766
Year: 1995
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New Year will offer new IRC requirements on rollovers
Article Abstract:
The IRS provided new rules regarding retirement plans that will be effective come Jan 1, 1993. As provided in the Internal Revenue Code, retirement plans that meet Sec 401(a) qualification requirements must give participants the choice of transferring their retirement distributions directly to an individual retirement account or individual retirement annuity, or to a qualified retirement plan.
Publication Name: Pension World
Subject: Human resources and labor relations
ISSN: 0098-1753
Year: 1992
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