Business Services Industry
Employers get safe harbor for small pension rollovers.(News)
Business Insurance, March, 2004 by Geisel, Jerry
Byline: JERRY GEISEL WASHINGTON-Employers taking advantage of a proposed Labor Department safe harbor would be shielded from fiduciary liability when they transfer terminating employees' small pension distributions to individual retirement accounts. Introduction of such a safe harbor was mandated by tax legislation Congress passed nearly three years ago that requires employers, in certain situations, to transfer small pension benefit distributions to IRAs.
The Labor Department proposal details the requirements-including the fees that an IRA chosen for the rollover could charge-that must be met for the employer to take advantage of the safe harbor. Under the Economic Growth and Tax Relief Reconciliation Act of 2001, if a pension benefit distribution is...
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