Court holds that IRS lien attaches to pension plan

Article Abstract:

A federal district court ruled in Jacobs v IRS that the Service had the power to satisfy a tax lien by attaching the debtor's interest in a qualified retirement plan. The court noted that ERISA 514(d) stated that no ERISA provisions superseded any other federal law and that USC 6334(a) exempted some railroad worker and military pensions from federal tax levy. The court reasoned that since Congress did not exempt any other type of pension from tax levy in this section, it could not have intended the type of pension at issue in this case to be exempt from federal tax.

Cases, Tax liens, Attachment and garnishment

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IRS releases updated COLA figures for pension plans; Social Security Administration announces OASDI wage base for 1996

Article Abstract:

Both the Social Security Administration and the IRS have released cost of living adjustment figures that will be applicable to benefit plans and social security wage bases in 1996. The Social Security Administration has increased the wage base from $61,200 to $62,700. The IRS reports that the elective deferral limits for 401(k) plans will increase from $9,240 to $9,500 for 1996. The level at which the IRC section 4980A 15% excise tax is triggered for pension distributions will increase from $150,000 to $155,000.

United States, Prices and rates, Qualified benefit plans, Social security, Cost of living adjustment

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