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Not all protected benefits need be preserved after trustee-to-trustee transfer

Article Abstract:

The IRS in Letter Ruling 9743045 allowed the elimination of a hardship distribution feature for employees whose qualified benefits plan was transferred to a new employer after the asset sale of the original employer. The new employer's qualified plan did not contain the hardship feature and the transfer was non-elective. The IRS reasoned that plan features which are subject to amendment, such as hardship distributions, should be amenable to elimination after a transfer between plans.

Publisher: Bureau of National Affairs, Inc.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
Acquisitions and mergers

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President's 1999 budget proposal contains pension reform provisions

Article Abstract:

President Clinton's 1999 budget plan calls for the small business Secure Money Annuity or Retirement Trust (SMART) simplified defined benefit plan. The plan would allow smaller employers to elect insurance company-issued annuity or limited investment trust vehicles. The rules applicable to SMART plans would vary from those of qualified plans in several respects. Bipartisan support is an encouraging sign of eventual enactment.

Publisher: Bureau of National Affairs, Inc.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
Small business

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Subjects list: United States, Laws, regulations and rules, Pension funds
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