DOL considers whether existence of TPA combined claims account limits application of reporting exemption for small employer plans
Article Abstract:
There is a Department of Labor (DOL) rule exempting some benefit plans run by small employers from DOL reporting requirements. Plans where benefits are paid out as needed from general employer assets are one of the kinds exempted. In Advisory Opinion 92-24A the DOL decided that situations when benefits are paid from a 'third-party administrator combined claims account' do not fall under this 'general employer assets' exemption since they could leave participants with the impression of an independent source of money securing their benefit payments.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1993
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IRS releases APRSC, expanding criteria for eligibility and relief under APRS
Article Abstract:
The IRS is replacing the Administrative Policy Regarding Sanctions with the Administrative Policy Regarding Self-Correction (APRSC) to expand the ability of qualified benefit plans to correct minor defects. The APRSC is available to section 403(b) tax-deferred annuity plans as well as conventional plans. The list of defects that can be self-corrected has been expanded, and the APRSC details these non-disqualifying events.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1997
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DOL class exemptions allow banks to provide cash, incentives or banking services to persons opening IRAs or Keoghs
Article Abstract:
The Department of Labor has issued prohibited transaction exemptions allowing banks to be exempted from ERISA Title I when they provide certain banking services or cash incentives to customers opening individual retirement accounts or Keogh plans. The conditions the bank must meet to qualify for this exemption are listed.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1993
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