New Developments in Legislation, Regulations and Informal Agency Positions
Article Abstract:
The Internal Revenue Service (IRS) has lately issued a technical advice memorandum to the effect that a defined benefit pension plan may use assumed earnings for certain offset integration reasons only. Such use would make using a six per cent reverse salary scale assumption mandatory. Other reporting time considerations are reviewed. Section 414 of the Internal Revenue Code (IRC) furnishes particular rules for leased workers. Basically, more than one year's employment will cause the worker to be regarded as working for the leasee firm, not the lessor firm. A new release on Section 414 (n) is anticipated. Rollover Individual Retirement Account (IRA) provisions as to limits pledged as collateral for avoidance purposes are analyzed. The Labor Department has been committing its enforcement division to regional authorities, in accordance with the positive results obtained in their San Francisco decentralization experiment. A new TEFRA change bill is before the Senate, and final regulations for hardship withdrawals from deferred plans have automatic provisions.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1983
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DOL, EEOC Rules on Age Discrimination and Employee Benefit Plans
Article Abstract:
The forthcoming tax management portfolio, age and sex discrimination and employee benefit plans addresses a variety of issues: Department of Labor (DOL) and Equal Employment Opportunity Commission (EEOC) directives, employer reliance on such interpretative bulletins, defined pension plans, normal retirement age (NRA) provisions, age discrimination against persons hired five years prior to reaching retirement age, ERISA provisions regarding vesting rights at retirement, service going past NRA, going and survivor annuities, delayed benefit payments, Social Security offsets, defined contribution plans, rehired employees, vesting and rollovers. Many plans can be altered to end accruals prospectively for workers still on the job, but a worker achieving NRA and qualifying for benefits prior to alteration of a plan could not have benefits removed. If defined contribution plans are not supplemental, employers can cease contributions when the worker reaches NRA.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1983
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Washington Items: New Developments in Legislation Regulations and Informal Agency Positions
Article Abstract:
New developments in regulations include those related to Final Cash or Deferred Regulations, Top-Heavy Guidelines, Plan Asset Regulations, Section 401(a)(9)(B) elections, ISO regulations, the Technical Corrections Act, employee wage taxation provisions, the structure of the Pension and Welfare Benefit Program (PWBP) and employee contributions to welfare plans. The publication of rules defining plan assets in Employee Retirement Income Security Act (ERISA) connotations are highlighted. An Internal Revenue Service (IRS) ruling that a worker who assents to a binding wage reduction plan for all employees cannot be taxed on wages foregone is also analyzed.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1983
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- Abstracts: Remedies in international transactions: a case for flexibility. Deregulation and merger enforcement in the natural gas industry
- Abstracts: Development in the law: international criminal law. Almost private remedy: foreign party suits and the U.S. antitrust laws
- Abstracts: Alternative dispute resolution can beat litigation. On-line transactions intensify trader vs. investor question
- Abstracts: Storm over Niagara: a catalyst in reshaping government in the United States and Canada during the Progressive Era
- Abstracts: Towards effective stakeholder dialogue. The role and potential of stakeholders in "Hollow participation": conventional stakeholder theory and institutionalist alternatives