Group Term Life Insurance - Recent Developments
Article Abstract:
The review of taxation of group-term life insurance provided employees focuses on regulations under Internal Revenue Code (IRC) Section 79, the retired lives reserve (RLR) arrangement which is generally tax-free, and the Internal Revenue Service (IRS) release of a technical advice memorandum. Significant legislation could define employee to include former employee, repeal the unlimited exclusion for retired employees and extend nondiscrimination rules of key IRC sections to other areas. Changes could limit income tax exclusion for retired employees to $50,000. The IRS may soon complete regulations to restrict the effectiveness of RLR plans. The IRS position is also negative on group-term insurance offset by other qualified plans.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1984
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Congressional Report: Hearings, Recent House Bills and Recent Senate Bills
Article Abstract:
The Senate Finance Committee's hearing on the Retirement Equity Act of 1983 and the Economic Equity Act of 1983 in August, 1983, included testimony from the Director of the Department of Labor's Pension Welfare Benefit Program. The Director detailed his department's standing on lowering the minimum participation and vesting age, amending break-in-service rules regarding maternity or paternity leave, dropping the prohibition on assignment and alienation of benefits and amending joint survivor annuity election methods. The House Ways and Means Committee's hearing on fringe benefit taxation is reviewed, as are recently introduced House and Senate bills.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1983
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Congressional Report
Article Abstract:
The Congressional Report focuses on the Retirement Equity Act of 1983, fringe benefit legislation, and other house bills. The Senate approved S.1978, The Retirement Equity Act of 1983, and it was blended into H.R. 2769. Certain remarks relative to the Caribbean Basin Initiative were deleted. H.R. 2769 will cause the maximum participation and vesting ages to change, as well as amend the parity concept and affect spousal survival coverage. H.R. 4170, has many statements affecting the tax treatment, fringe benefits. It has been held up indefinitely in the House. Other bills and their committee referrals are listed.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1984
User Contributions:
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