An overview of federal medical savings accounts
Article Abstract:
The medical savings account pilot project will continue into 1998 due to the unexpectedly small number of participants in 1997. IRC section 220 allows either individuals or employees to deduct contributions to IRA-like accounts which must be used for defined medical expenses of self-employed individuals and their spouses or employees of small employers and their spouses. Accounts can be established only in conjunction with a high deductible health plan. Anticipated increased use of the accounts will determine whether the accounts are socially and economically beneficial.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1997
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Keystone: another unfortunate milestone for defined benefit plans
Article Abstract:
The US Supreme Court ruled in Commissioner v. Keystone Consolidated Industries that non-cash contributions to defined benefit pension plans were subject to taxation under IRC section 4975. The section asserts that such contributions are prohibited sales transactions and are consequently subject to excise taxes. Many employers used such contributions to satisfy their minimum benefit plan funding obligations during times of financial shortfall. The Court's ruling will force most employers to drop their defined benefit plans due to financial inability to meet payments.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1993
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Supreme Court unanimously decides employer may amend overfunded, contributory defined benefit plan despite employees' class action arguing the amendment was improper
Article Abstract:
The US Supreme Court in Hughes Aircraft Co. v. Jacobson held that ERISA rules were not violated by an employer's amendment of its contributory defined employee benefit plan which created new benefit structures for the purpose of utilizing an accumulated surplus. The Court found for the employer on grounds including that ERISA fiduciary rules were not applicable to plan amendments.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1999
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- Abstracts: Sole shareholder and officer of company contributing to union plan who used employee salary reduction amounts to pay company creditors is fiduciary and personally liable
- Abstracts: Underreporting defects is risky. The current federal product-safety requirements for reporting potentially dangerous products have caused confusion among the nation's manufacturers
- Abstracts: The recline and fall of mechanical genus claim scope under "written description" in the sofa case. An (un)intended transitional provision in the GATT Act - 20 years from when?
- Abstracts: State constitutions - homosexual sodomy - Kentucky Supreme Court finds that criminalization of homosexual sodomy violates state constitutional guarantees of privacy and equal protection
- Abstracts: Recent Tax Court petitions of interest to practitioners. Surviving spouse benefits vested in employee's current spouse upon employee's retirement and thus could not be subject of later QDRO