* Specifies the presentation requirements for benefit
A buyer's existing employees might not experience "separation from service" (a trigger for benefit
payments), unless the buyer purchased at least 85% of a new company's assets.
But BOC wanted to remove age as a factor for benefit
accruals, emphasize length of service and pay and redistribute the pension-plan assets along those lines.
At the same time, regulations governing Section 125 plans have become more restrictive as the need for benefit
restructuring has extended beyond welfare benefits to retiree benefits, including retiree medical.
It is calculated by applying the beginning-of-the-year discount rate to the beginning-of-the-year APBO, adjusted for benefit
payments to be made during the period.
* Allow plan sponsors to plan effectively for benefit
In many respects, the accounting and financial reporting standards for benefit
plans--be they defined benefit, defined contribution or health and welfare benefit plans--are dictated by ERISA and by Financial Accounting Standards Board Statement no.
Plan two was maintained for the benefit of "outside directors," providing for benefit
payments to begin after retirement or following the termination within three years after a change of control.
Once the taxpayer reaches full retirement age, he or she simply files for benefits
and then makes another filing to suspend these benefits.
Financial challenges, lack of retirement funds and the need for benefits
are some of the reasons older individuals are remaining on the job.
An actuarial valuation is required biennially for employers with membership of 200 or more employees, terminated employees who will be eligible for benefits
, and retired employees and beneficiaries receiving benefits.
What is this country coming to when some in Congress say veterans might need to pay for legal assistance in filing claims with the Department of Veterans Affairs for benefits
they have earned as a result of their service and sacrifice for our nation?