This document contains proposed amendments to three regulations previously published under the Employee Retirement Income Security Act of 1974 that facilitate the termination of, and distribution of benefits from, individual account pension plans that have been abandoned by their sponsoring employers. The principal amendments propose to permit bankruptcy trustees to use the Department's Abandoned Plan Program to terminate and wind up the plans of sponsors in liquidation under chapter 7 of the U.S. Bankruptcy Code. In addition, other technical amendments are proposed to improve the operation of the regulations. If adopted, the amendments would affect employee benefit plans, primarily small defined contribution plans, participants and beneficiaries, service providers, and individuals appo...
Section 408A(d) of the Internal Revenue Service Code and 1.408A-5 of the regulations allow taxpayers to re-characterize an individual retirement account (IRA) contribution made to one type of IRA as having been made to another type of IRA. They can do so by making a trustee-to-trustee of the IRA contribution, including earnings, to another IRA type. This re-characterization must be executed on or prior to the date prescribed by law, including extensions, for filing the federal income tax return for the year the contribution was made.
D. 9142, under Section 408(q), provides requirements relating to deemed IRAs that may be included in qualified employer plans, which are plans described in Sections 401(a), 403(a), 403(b), and governmental plans under Section 457(b). The regulations also amend Section 408(a) with regard to the requirements under Section 408(a) for non-bank trustees for deemed IRAs. Temporary and proposed regulations under Section 408(a) provide that the Commissioner may, in his discretion, allow governmental entities to act as qualified non-bank trustees for deemed IRAs which are part of the entities' qualified employer plan within the meaning of Section 408(q).
Section 408.-Individual Retirement Accounts. 26 CFR 1.408-2: Individual re...
...AMARA, ET AL., INDIVIDUALLYAND ON BEHALF OF ALL OTHERSSIMILARLY SITUATEDON WRIT O... amount in the employee'scash balance account. Respondents, acting on behalf of approximately 25... See Employee Retirement Income Security Act of 1974 (ERISA) §§102... byERISA and its implementing regulations. But we fearthat the Solicitor General's rule mig...
... to participants in 401(k) and similar individual account retirement plans. In particular, the new r...
... to participants in 401(k) and similar individual account retirement plans. In particular, the new r...
...-34: Additional Guidance on the "Foreign Account Tax Compliance Act" Provisions . At a time in whic... the IRS continue to work on proposed regulations and draft FFI agreements, but no specific release ... US accounts among their pre-existing individual accounts. A new "private banking" category will re... and certain categories of non-US retirement plans should be treated as deemed compliant. . Rep...
... whether the standard applies to an individual cooperative's operations. The synopsis is not inte... 124 . Transclosures . . . 125 . Retirement Units . . . 126 . Establishment of Continuing ...
... (a) Employee benefit plan accounts and individual retirement accounts or similar accounts. A bank is...
...CHAPTER II: RAILROAD RETIREMENT BOARD. SUBCHAPTER A: GENERAL ADMINISTRATION. PART ... from subsections (c)(3) and (4) (Accounting of Certain Disclosures), (d) (Access to Records), ...
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