Congress revises qualified plan distribution rules

Article Abstract:

The Unemployment Compensation Amendments of 1992 extended unemployment benefits for over five months and, in order to fund these extended benefits, changed the taxation of retirement plan distributions. This revenue raising includes a rise in corporate estimated taxes, two provisions regarding the rollover of qualified retirement plan distributions, and another year of the phase-out of high-income individuals' personal exemptions. These provisions apply to distributions after Dec 31, 1992.

Finance, Unemployment insurance

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IRS provides guidance on rollover distributions and 20% withholding under 1992 Unemployment Compensation Act

Article Abstract:

The IRS has proposed regulations implementing the Unemployment Compensation Amendments Act of 1992 (UCA). The rules concern possible rollover distributions from section 403(b) annuities and qualified pension plans. The UCA broadened the kinds of distributions eligible for income tax deferral by rollover to another type of plan. Under the UCA, qualified plans must include a direct rollover option. Topics on which the regulations provide guidance are listed and described.

Rollovers (Finance)

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