IRS announces 1997 COLA adjustments
Article Abstract:
IRS release IR-96-43 details cost-of-living adjustments that will be made for contribution, distribution and compensation limits for employee benefit plans in 1997. Maximum annuity benefits for defined benefit plans will increase to $125,000, allowable compensation to be used for qualified plans will increase to $160,000 and excess distribution levels will increase to $160,000. Defined contribution limits remain at $30,000, and IRC section 402(g) elective deferral, section 457 annual deferral and SIMPLE contribution limits remain unchanged.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1996
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Insurance agent who terminated employment is barred from applying ERISA or ADEA
Article Abstract:
The US 9th Circuit Court of Appeals in Barnhart v. New York Life denied a life insurance agent's ERISA and Age Discrimination in Employment Act claims based upon his status as an independent contractor. The court weighed the factors set out in the U.S. Supreme Court 1992 case Mutual Insurance Co. v. Darden. The court refused to create a third category of partial employee.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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DOL issues advisory opinions on bundling of financial services offered to employee benefit plans
Article Abstract:
Advisory Opinions 97-15A and 97-16A, issued by the Dept of Labor, will affect financial services bundling by institutions which offer such services to employee benefit plans. Specifically, the decisions could lead to restructuring of arrangements for trustee compensation paid by mutual funds.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1997
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