Plan Terminations Under the Internal Revenue Code
Author | : James T. Tilton |
Publisher | : |
Total Pages | : 152 |
Release | : 1981 |
Genre | : Pension trusts |
ISBN | : |
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Author | : James T. Tilton |
Publisher | : |
Total Pages | : 152 |
Release | : 1981 |
Genre | : Pension trusts |
ISBN | : |
Author | : Joan Gucciardi |
Publisher | : |
Total Pages | : 952 |
Release | : 2001-12-20 |
Genre | : Business & Economics |
ISBN | : 9780735525740 |
The complexities of terminating pension plans are reduced to simple, practical steps in the Plan Termination Answer Book. Confusing issues such as the best process for terminating a plan through the Internal Revenue Service, Department of Labor and the Pension Benefit Guaranty Corporation are thoroughly explained. In addition, the Answer Book outlines the numerous administrative tasks that must be addressed and offers suggestions on certain areas of plan design. Among the many topics covered in the Plan Termination Answer Book are the following: - Various requirements of the different governing agencies - Qualification areas that must be addressed in a plan termination - Options for terminating a defined benefit plan with insufficient assets - Circumstances under which a money purchase plan may be terminated - Special procedures and rules for terminating a multi-employer plan - Considerations for partial terminations - Steps to follow for distress terminations and their implications - Matters concerning plan mergers - And more!
Author | : United States. Department of the Treasury |
Publisher | : |
Total Pages | : 112 |
Release | : 1973 |
Genre | : Government publications |
ISBN | : |
Author | : Isidore Goodman |
Publisher | : |
Total Pages | : 28 |
Release | : 1987 |
Genre | : Pension trusts |
ISBN | : |
Author | : United States. General Accounting Office |
Publisher | : |
Total Pages | : 68 |
Release | : 1981 |
Genre | : Pension trusts |
ISBN | : |
Author | : GENERAL ACCOUNTING OFFICE WASHINGTON DC HUMAN RESOURCES DIV. |
Publisher | : |
Total Pages | : 62 |
Release | : 1981 |
Genre | : |
ISBN | : |
Many terminating private pension plans are not voluntarily requesting the Internal Revenue Service (IRS) reviews for protecting participants' rights to benefits, and termination actions are not being reported to the Pension Benefit Guaranty Corporation--the agency responsible for insuring payments. Also, IRS processes for collecting taxed due on pension asset disbursements are incomplete and millions in tax revenues have been lost. The Corporation and IRS have initiated actions to correct some of these problems, but more needs to be done. The Congress should amend the Internal Revenue Code to require sponsors of terminating pension plans to obtain an IRS review of participant protection requirements before plan dissolution. IRS should improve reviews of pension plan terminations and disbursements, and the Corporation, in cooperation with IRS, should establish procedures for timely identification and followup actions on unreported plan terminations. (Author).
Author | : United States. Bureau of Labor Statistics |
Publisher | : |
Total Pages | : 18 |
Release | : 1969 |
Genre | : Retirement |
ISBN | : |
Author | : United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight |
Publisher | : |
Total Pages | : 414 |
Release | : 1978 |
Genre | : Government publications |
ISBN | : |
Author | : Jo Ann C. Petroziello |
Publisher | : |
Total Pages | : 53 |
Release | : 2019 |
Genre | : |
ISBN | : |
For over three decades, the Internal Revenue Code [hereinafter I.R.C. or Code 1 has contained provisions that require that all benefits in a single-employer tax qualified plan become fully vested when the plan is partially terminated. However, the Internal Revenue Service [hereinafter IRS or Service] has failed to articulate a standard for determining when a partial termination has occurred. Instead, the courts and the Service have utilized a “facts and circumstances” test which does not set clear guidelines. In light of the application of inconsistent approaches by the courts, recent decisions answering partial plan termination questions have served only to further complicate the issues. The result of this evolution is a body of law that contains relatively few “bright line rules” on which employee benefits practitioners can rely.This article examines the statutory, legislative and case history of partial terminations of single-employer tax qualified plans. It discusses an employer's ability to terminate single-employer plans prior to the enactment of the Employee Retirement Income Security Act of 1974 (hereinafter ERISA) as well as post-ERISA and thoroughly analyzes the legislative history of I.R.C. § 411, the provision governing partial terminations. Case law, Treasury Regulations, and revenue rulings all provide examples of situations in which the courts and the Service have made determinations concerning whether a partial termination has occurred. Accordingly, these relevant materials are also analyzed.The governing provisions of the Code and Treasury Regulations provide for a “facts and circumstances” test; however, no clear authoritative guidance for making such a determination has been issued. Therefore, this article provides a comprehensive analysis of the manner in which the courts and the Service have handled the issue. While this article does not recommend a bright line test, its purpose is to pinpoint the issues and to provide insight for practitioners who need to predict whether the courts and the Service will find that a partial termination has, in fact, occurred.
Author | : Robert S. Holzman |
Publisher | : |
Total Pages | : 72 |
Release | : 1956 |
Genre | : Old age pensions |
ISBN | : |