Freedom and Fairness Restoration Act would simplify rules for qualified plans
Article Abstract:
US Sens. Armey and Shelby have introduced a tax reform proposal, the Freedom and Fairness Restoration Act of 1995, that would result in broad changes to the laws governing retirement plans. The proposal includes a flat tax on individuals and businesses of 20%. The changes to employee benefits law, many of which are highly advantageous to employers, include elimination of nondiscrimination tests, removal of some contribution limits and increased flexibility in terminating plans or transferring plan assets. Health and welfare benefits would become nondeductible to employers.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1995
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Supreme Court overturns Curtiss-Wright Corp. v. Schoonejongen
Article Abstract:
The US Supreme Court reversed the US Court of Appeals for the Third Circuit in Curtiss-Wright Corp. v. Schoonejongen and found that termination of retirement medical benefits by Curtiss-Wright had satisfied Employee Retirement Income Security Act (ERISA) plan amendment requirements. The lower courts had ruled that the amendment procedures stated in the plan were not sufficient to allow the pan to be terminated. The Supreme Court remanded the case to determine whether amendment procedures were actually followed, once it was decided that the text of the plan was adequate.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1995
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District court holds that participants must be permitted to "grow into" subsidized early retirement benefits triggered by involuntary separation
Article Abstract:
This article concerns the decision of the U.S. District Court for the Western District of Pennsylvania in Bellas v. CBS, Inc. where the court relied upon ERISA sections 204(g) and 502(a)(3)(B) in determining that an employer's benefit plan amendment eliminating a Separation Benefit was a breach of fiduciary duties. Administrators may not eliminate early retirement benefits for existing plan participants where plans are structured similarly to those in this case.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1999
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- Abstracts: IRS approves changes in asset valuation method and software for defined benefit plans. PBGC proposes changes in plan benefit valuation rules for single-employer and multiemployer plans after mass withdrawal
- Abstracts: IRS provides guidance and forms on SIMPLE plans. Notice 98-2 provides guidance on taxation of annuities from qualified plans
- Abstracts: New safety consultation rights for non-unionised workplaces. Electricity at work and the law - a live issue
- Abstracts: Juridic Park - traps and illusions of harmonization (a work of legal fiction). Critical and practical observations regarding pharmaceutical patent term restoration in the European Communities
- Abstracts: International arbitration under U.S. law and AAA rules. Bilateral investment treaties and arbitration