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IRS Issues Long-Awaited Guidance On 403(B) Annuities For Tax-Exempt Organizations
On November 16, 2004, the IRS issued comprehensive proposed regulations applying to tax-sheltered annuities (also known as 403(b) annuities or tax-deferred annuities). This type of benefit is available only to employees of organizations exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code and to employees of public educational institutions.
United States
19 Nov 2004
DOL Final Regulation Requires Amendment To Automatic Cash-Out Provisions
On September 28, 2004, the U.S. Department of Labor (DOL) issued a final regulation allowing plan fiduciaries to satisfy their fiduciary responsibilities regarding the automatic rollover to individual retirement accounts (IRAs) of certain mandatory distributions.
United States
21 Oct 2004
Global Hedge Funds Reach into the Billions
Tremont Capital Management’s TASS Research recently released data that showed 2003 was a record year for in- flows into hedge funds, in particular due to increasing interest from institutional investors. By December 31, 2003, $72.2 billion was invested in hedge fund strategies, leaving the size of the global hedge fund industry at the end of 2003 at $750 billion. The European hedge fund industry has recently seen significant investor interest from larger pension funds.
United States
14 Sep 2004
Employee Benefits: U.S. Supreme Court Blocks State Malpractice Claims Against HMOS
In a much anticipated decision having long-term ramifications for employer-sponsored group health plans, the U.S. Supreme Court unanimously held on June 21, 2004, that participants in group health plans subject to the Employee Retirement Income Security Act (ERISA) cannot sue their HMOs under state law for refusing to pay for a physician’s recommended treatment.
United States
20 Jul 2004
DOL Continues Focus on Fiduciary Duties Through Education Initiative
The U.S. Department of Labor (DOL) recently announced a nationwide campaign to educate employers and service providers about their fiduciary responsibilities under the Employee Retirement Income Security Act (ERISA).
United States
15 Jun 2004
IRS-Required Annuity Disclosures: July 1, 2004 Deadline
Late last year, the IRS issued final regulations regarding the information that must be included in the explanation of the qualified joint and survivor annuity (QJSA) and the qualified pre-retirement survivor annuity (QPSA).
United States
3 Jun 2004
Nonqualified Deferred Compensation Provisions Added to The International Tax Bill
Charles Grassley, Chairman of the Senate Finance Committee, has added amendments to the Jumpstart Our Business Strength Act (S. 1637) that would adversely change longstanding tax rules used by corporations to provide non-qualified deferred compensation to their employees.
United States
4 May 2004
A Primer on Health Savings Accounts And Recent IRS Guidance
The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 established a new type of tax-favored individual account health plan, known as a health savings account (HSA), effective for tax years beginning on or after December 31, 2003.
United States
8 Apr 2004
Fiduciary Responsibility in Light of U.S. Mutual Fund Industry Problems
During the past several weeks, a number of U.S. federal and state investigations of mutual fund trading practices have resulted in the public disclosure of troubling practices at many well-known mutual fund providers.
United States
18 Mar 2004
HRAs And COBRA: Developing A New Strategy For Compliance
Many employers have established health reimbursement arrangements (HRAs) under which specified dollar amounts are available to employees in order to reimburse them for unpaid medical expenses.
United States
21 Jan 2004
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