Grassley and Breaux introduce "Pension Tools Act." (U.S. Senators Charles E. Grassley and John B. Breaux)
Article Abstract:
Legislation amending ERISA to require benefit plan administrators to provide participants with regular financial information regarding their benefits and greater ability to enforce their rights was introduced into the Senate in late 1997. Senate bill 1185, introduced by Senators Charles E. Grassley and John B. Breaux, would require plan administrators to provide formal statements to participants every one to two years depending upon defined or nondefined plan status. The Sec of Labor would provide guidance as to the statements, have civil penalty power, and would design dispute resolution procedures.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1997
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Restoration payments to retirement plan deductible
Article Abstract:
A company which restored funds and interest to a retirement plan which employees claimed suffered losses due to the company's misdirecting of funds contrary to plan terms could deduct the restoration amount. The IRS ruled in Letter Ruling 9746039 that the restoration was made to settle potential claims against the company for breach of fiduciary duty and so was deductible as an ordinary and necessary business expense. The IRS found that the acts giving rise to the potential employees' suit were performed in the ordinary course of the company's business.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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