TAX 9873 Study Guide - Midterm Guide: Pension, Revenue Ruling, Employee Retirement Income Security Act
Document Summary
Pbgc: quasi govt agency is not backed by fed. govt if pbgc goes bankrupt, fed govt will not step in. Prohibit retirement plans to be solely used as a tax-shelter for hces. Set requirements for pension plan contributions, benefits, and distributions. Tax authorities and research general memorandum/ tech advice= is not a revenue ruling go to committee reports which tell you why congress passed ruling. Irs establish many requirements for pension and other benefit plans under erisa. Irc is the statutory foundation of all federal tax authority. Contributions & earnings on assets and contributions = tax-exempt. Irs governs all retirement plans and set strict requirements to protect employees, including. Plans are required to inform participants of their rights. Plans required to disclose plan"s financial states. Dol regulates more than just erisa and pension plans. It also oversees and governs many labor issues, including: Employment laws: wages, work hours, family and medical leave.
