Unemployment Compensation Amendment of 1992

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Unemployment Compensation Amendment of 1992

Legislation in the United States that requires employers terminating an employee to allow the employee to take all employer-sponsored retirement savings and place them in the qualified retirement plan of the employee's choice. This allows the employee to keep the money he/she has saved and invested while at the company. The employee may also receive the savings directly, but the employer must then pay a 20% penalty tax on of the savings.
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The Unemployment Compensation Amendment of 1976 included the following major provisions:
The Unemployment Compensation Amendments (UCA) were enacted in July 1992; UCA Section 522(a) added Sec.
Congress extended the Emergency Unemployment Compensation program on March 4, 1993, by enacting the Emergency Unemployment Compensation Amendments of 1993 (P.
The Unemployment Compensation Amendments of 1992 eliminated many of the impediments to plan distribution rollovers.
The Unemployment Compensation Amendments Act of 1992 now requires employers to withhold 20 percent of the benefit for tax purposes, that is, if the lump sum is not transferred in the correct manner.
The Unemployment Compensation Amendments Act of 1992 requires 20% withholding for most qualified plan distribution.
The Emergency Unemployment Compensation Act was further amended by the Unemployment Compensation Amendments of 1992 (Public Law 102-318).
The IRS issued two notices that provide additional guidance on the rollover and withholding provisions amended by the Unemployment Compensation Amendments of 1992 (UCA), and the proposed and temporary regulations implementing these provisions, effective Jan.
Under the Unemployment Compensation Amendments Act of 1992, the rollover rules for distributions from qualified retirement plans and tax-sheltered annuities have been expanded and simplified.
402(a)(5)(A) and (e)(4)(A) ((before amendment by the Unemployment Compensation Amendments of 1992 (UCA)).
65) PL 102-318, Unemployment Compensation Amendments of 1992 (UCA).
The Unemployment Compensation Amendments Act of 1992 (the "Act"), which was signed into law on July 3, 1992, made substantial changes to the qualified retirement plan distribution rules by liberalizing certain restrictions on the rollover of distributions and by requiring either mandatory withholding or direct plan-to-plan transfer of distributed funds.
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