Scarinci Hollenbeck regularly publishes articles pertaining to legal updates affecting individuals and institutions in New York and New Jersey, and the world at large. Here you can find coverage for when we welcome new attorneys, significant wins we’ve secured on behalf of our clients, and general announcements.
Results for wealth articles
IRS to Eliminate Common ERISA Pension Plan De-risking Strategy
Author: James F. McDonoughDate: August 7, 2015
The amendment to the ERISA pension plan de-risking strategy will prevent lump sum payments in lieu of remaining annuity payments.
The IRS announced in Notice 2015-49 that it will no longer allow lump sum cash-outs, a practice it previously permitted under several rulings. However, the IRS's new position will place limits on lump sum offers from employers' plans for participants who are not yet receiving distributions from pension plans covered by ERISA. In the notice, the IRS stated that lump sum cash-outs "undermine the intent" of the minimum required distribution regulations that prohibit accelerated annuity payments for pre-existing ERISA pension plans.
2015 Gift Tax Limit Remains Steady
The federal gift tax limit will remain the same this year as it was last year, according to the IRS. As a...