IRS rules on 401(k) definition of disposition of substantially all assets used in a trade or business

Article Abstract:

The IRS found in PLR 9618025 that 401(k) plan assets could be distributed to participating employees of a subsidiary business that was sold by its parent corporation to another corporation. The distributions were allowed because the parent disposed of substantially all its assets in that business. The employees participated in the parent corporation's 401(k) plan and were allowed to receive distributions following the acquisition despite the fact that they were still employed at the same position for the same pay.

Taxation, Acquisitions and mergers, Compensation and benefits, Subsidiary corporations, Subsidiaries, Distribution, Salary reduction savings plans, 401K plans

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Department of Labor issues proposed revisions to multiple regulations regarding annual reporting and disclosure requirements under Form 5500

Article Abstract:

The US Labor Dept (DOL) has issued proposed changes to regulations regarding employee benefit plan reporting and disclosure required to be filed in Form 5500. Public comment was considered by the DOL, IRS, and Pension Benefit Guaranty Corp before the complexity-reducing proposals were released. The reporting requirements differ for large and small plan filers.

United States, Employee Benefits & Services, Laws, regulations and rules, Accounting and auditing, Tax administration and procedure, Tax administration, Human resource management, Employee benefits, Information returns

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