Business Services Industry
Employers get safe harbor for pension rollovers.(News)
Business Insurance, October, 2004 by GEISEL, JERRY
Byline: JERRY GEISEL WASHINGTON-Employers taking advantage of final Labor Department rules creating a pension benefit rollover safe harbor will be shielded from fiduciary liability when they transfer terminating employees' small pension distributions to individual retirement accounts. The development of such a safe harbor was mandated by tax legislation Congress passed three years ago that requires employers, in certain situations, to transfer small pension benefit distributions to IRAs.
The final rules detailing the requirements employers must meet to qualify for the safe harbor closely follow rules the department proposed in March, with one major change and one minor one. Under the Economic Growth and Tax Relief Reconciliation Act of 2001, if a...
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