Article Abstract:
The IRS has issued new regulations for pension plans administration. These include regulations clarifying when participant loans from a qualified plan can be treated as loans or distributions for tax purposes. Final regulations have also been issued for the direct rollover and mandatory 20% withholding requirements under the Unemployment Compensation Amendments of 1992 and temporary regulations for compliance with Section 204(h) of the Employee Retirement Income Security Act of 1974.
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Article Abstract:
A number of revenue-enhancement provisions were included in the GATT law recently approved by Congress. These provisions affect ERISA and the Retirement Protection Act (RPA). In addition to additional costs and obligations on sponsors of underfunded, single-employer defined benefit plans, the RPA also calls for changes in actuarial assumptions and new reporting financial disclosure requirements. A brief overview of GATT's impact on pension plans is presented.
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Article Abstract:
ERISA permits pension plan fiduciaries to delegate some fiduciary duties but the fiduciaries may still retain certain supervisory responsibilities, including possible exposure to co-fiduciary liability. Such liability may be limited by delegation to plan participants or their beneficiaries of responsibility for deciding on investments. Circumstances under which such delegation can take place are summarized.
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