Article Abstract:
The Dept. of Labor (DOL) allows plan fiduciaries to invest pension funds in economically targeted investments (ETIs) under the Employee Retirement Income Security Act of 1974 (ERISA). ERISA requires the plan fiduciary to invest prudently and act solely in the interest of the beneficiaries. However, Congress has disagreed with DOL's interpretation of ETIs under ERISA. The prohibited transaction class exemption (PTCE 84-14) issued by DOL exempted some transactions between a plan whose assets were managed by a qualified professional asset manager and a party-in-interest.
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Article Abstract:
Violations under the ERISA are subject to criminal and civil liabilities. ERISA has its own criminal laws concerning plan-related violations such as the willful violation of reporting and disclosure rules. Sec. 664 of Title 18 of the United States Code makes embezzlement of ERISA plan assets illegal. Sec. 1027 of Title 18 also makes falsification or concealment of material facts of ERISA documents illegal. Sec. 1954 of Title 18 considers bribery in connection with ERISA a crime.
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Article Abstract:
The impact of the Unemployment Compensation Amendments (UCA) of 1992 on withholding and notice rules concerning distributions from tax-qualified retirement plans such as pension, profit-sharing and 401 (k) are discussed. Other related issues are also dissected. Fourteen key principles of the UCA are specifically tackled and suggestions for complying with the law's requirements are provided.
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