1995),[19] involved a profit-sharing plan initially
tax-qualified, but never examined or audited for operational compliance with I.
Dallas Wood, a self-employed real estate broker, established a
tax-qualified defined benefit plan effective as of January 1, 1984.
The amount that can be deferred tax-free under a Section 457(a) plan generally is reduced by the executive's elective deferrals under a Section 401(k) plan, deferrals under a Section 403(b) annuity arrangement, and deferrals under certain other types of
tax-qualified plans, even if they are sponsored by a different employer.
Much attention has recently been paid to the provision in the Omnibus Budget Reconciliation Act of 1993 that lowered the cap to $150,000 for compensation that may be taken into account in determining benefits and contributions for
tax-qualified pension or profit-sharing plans.
Tax-qualified salary-reduction plans, such as 401(k), allow both the employer and employees to contribute toward a retirement fund while reducing their tax burden.
John's breadth and depth of knowledge regarding
tax-qualified plans, the interaction of the investment and securities laws and practice with ERISA, and executive compensation is truly remarkable," says Ms.
USA offers a full portfolio of long term care insurance products that include non-tax and
tax-qualified long term care plans and stand-alone home healthcare plans.
In general, individual taxpayers who itemize their tax deductions can treat premiums paid for
tax-qualified long-term care insurance as a personal medical expense.
28, 2004, the Department of Labor (DOL) issued final regulations (45) implementing a fiduciary safe harbor for automatic rollovers of mandatory cashouts from
tax-qualified pension plans.
BENEFITS IN
TAX-QUALIFIED RETIREMENT PLANS generally are protected from the creditors of plan participants and insulated from claims in bankruptcy.
Generally, a
tax-qualified retirement plan is top heavy when the benefits of certain company executives (called "key employees" in the Internal Revenue Code) account for more than 60 percent of the plan's assets.
Mostly filed several years ago, they argue that sales of variable annuities inside
tax-qualified plans are inappropriate since qualified plans already provide tax deferral, and less-expensive products can be used instead.
