Is a contribution of encumbered property to a pension plan prohibited?
Article Abstract:
The federal circuits disagree as to whether employer satisfaction of the duty to fund a pension plan by transferring unencumbered property to that plan constitutes a prohibited transaction subject to excise tax under IRC 4975. Various factors such as whether or not the property is encumbered and whether the transfer goes to satisfy a plan funding duty enter into the question.The arguments for and against classifying the property transfer in question as a prohibited transaction are listed.
Publication Name: The Journal of Pension Planning & Compliance
Subject: Human resources and labor relations
ISSN: 0148-2181
Year: 1993
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Liability of an ERISA good samaritan
Article Abstract:
A bank serving as an employee plan trustee may not be liable as a fiduciary when the plan is undervalued if the trustee agreement did not define fiduciary obligations. The 1st Circuit Court of Appeals 1998 decision in Beddall v. State Street Bank & Trust ruled the bank was not a fiduciary and ERISA did not mandate good samaritan liability. The bank suspected the plan was undervalued and recommended plan management hire an expert.
Publication Name: The Journal of Pension Planning & Compliance
Subject: Human resources and labor relations
ISSN: 0148-2181
Year: 1998
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