"Good faith" compliance for 1989-1991 plan years
Article Abstract:
Most reasonable approaches can be considered when checking for 'good faith' compliance for the Internal Revenue Codes of section 401(a)(4) and 401(b). Good faith compliance can be used for the years 1989 to 1991 because the IRS has no actual regulations in place on average percentage benefit (ABP) testing or on a separate line of business testing until 1992. Companies must be ready to justify their claims of good faith positions. Good faith compliance for 401(a)(4) will include making sure that 'grants of past service do not favor higher paid executives and companies must test employee and employer based benefits separately.'
Publication Name: Compensation & Benefits Management
Subject: Insurance
ISSN: 0748-061X
Year: 1992
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Legal issues: defined contribution plans and insurer insolvency
Article Abstract:
Defined contribution plans affected by insurer insolvency can give employers difficulties in managing these. The possibility of reductions or suspensions in the payments from contracts can also affect distributions, loans or investment transfers from such accounts. Both the Department of Labor and the Internal Revenue Service have taken steps to help employers sponsoring defined contribution plans affected by insurer insolvency.
Publication Name: Compensation & Benefits Management
Subject: Insurance
ISSN: 0748-061X
Year: 1992
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DOL announces delinquent filer voluntary compliance program
Article Abstract:
The Dept. of Labor (DOL) is encouraging registered retirement savings plan administrators to file annual reports on time, thus avoiding stiff fines of as high as $1,000 per day. Under the Delinquent Filer Voluntary Compliance Program, plan administrators can avoid the fines by filing their late Forms 5500 with the IRS and paying a penalty to the DOL. Steps to identify late and delinquent filers are also being taken by the DOL.
Publication Name: Compensation & Benefits Management
Subject: Insurance
ISSN: 0748-061X
Year: 1995
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