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IRS Issues Guidance on Automatic Rollover Rule (Employee Benefits Update)
Also discussed in this article: IRS Issues Final 401(k) Regulations; USERRA Health Continuation Coverage Period Extended for Military Service.
United States
31 Jan 2005
DOL Proposes Amendment to Prohibited Transaction Exemption Concerning Interest-Free Loans
The Department of Labor (the "DOL") proposed an amendment to Prohibited Transaction Exemption 80-26 ("PTE 80-26") under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). PTE 80-26 is a class exemption that permits parties-in-interest with respect to employee benefit plans to make interest-free loans to such plans if certain conditions are met.
United States
5 Jan 2005
Employee Benefits Update - IRS and SSA Announce Dollar Limits and Thresholds for 2005
Also discussed in this update: President Signs Tax Bill with Significant Non-qualified Deferred Compensation Changes/Immediate Action Required; Withholding Requirements Increased for Supplemental Wage Payments in Excess of $1 Million; New Legislation Excludes Incentive Stock Option and Employee Stock Purchase Plan Income from Social Security Wages; Modified Definition of Dependent Potentially Affects Benefit Plans; Automatic Rollover Rules Go Into Effect March 28, 2005 and Guidance Issued on Lo
United States
16 Nov 2004
New Tax Law Will Require Substantial Changes to Many Non-Qualified Deferred Compensation Arrangements
Employers must take immediate action to review closely – and in many cases revise substantially – their non-qualified deferred compensation arrangements that cover employees or directors (or other independent contractors such as consultants), in light of new legislation (known as the American Jobs Creation Act) that has been approved by Congress.
United States
3 Nov 2004
DOL Finalizes Regulations for Automatic Rollovers of Plan Distributions
The Department of Labor (the "DOL") finalized regulations (the "Final Regulations") under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), that establish a safe harbor for ERISA plan fiduciaries in connection with the automatic rollover of mandatory distributions from ERISA plans to an individual retirement account (an "IRA").
United States
13 Oct 2004
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