PENSION PLANS AND OTHER POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS in .NET framework

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PENSION PLANS AND OTHER POSTRETIREMENT AND POSTEMPLOYMENT BENEFITS
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the plan The employee on whose behalf the contribution is made does not, however, have to report the amount as gross income until it is made available to him This deferral of tax has an added advantage since, in the typical case, bene ts are not distributed until retirement, when the employee may be in a lower income tax bracket The long-term, and perhaps the most important, tax advantage enjoyed by a quali ed plan is that the fund or trust that receives and invests the contributions enjoys tax-exempt status Investments earnings are not taxed until distributed, thus permitting an accelerated rate of growth for the fund For a pension plan to be considered quali ed for income tax purposes, it must comply with certain IRC requirements, not only in the design of the plan but also in its operations Some of these requirements are:
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The plan must not discriminate in favor of employees who are of cers or shareholders or
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highly compensated
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Bene ts under the plan must be reasonable in amount when considered with other forms of
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compensation
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Plan operations must be conducted in accordance with the plan document and trust agreement The pension fund must be exclusively for the bene t of participants and their bene ciaries The plan must comply with certain minimum funding and reporting requirements
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Over the years these requirements have become increasingly complex and burdensome, thus adding to the costs of administering quali ed plans It has always been fairly common for an employer to maintain nonquali ed retirement plans or to provide individualized deferred compensation arrangements for a selected group of management and highly compensated employees There is no precise de nition of highly compensated employees in this context, and it is not linked to the de nition of highly compensated employees introduced by the Tax Reform Act of 1986 The primary advantages of such nonquali ed arrangements are that (1) the coverage can be limited to only a few selected employees; (2) the bene ts can be designed to meet the employer s objectives and the employees needs without having to worry about the myriad of constraints imposed by ERISA and the Tax Code; and (3) they are exempt from virtually all ERISA reporting and funding requirements except a one-time notice of their existence to the DOL During the 1980s, the Tax Code was repeatedly amended to limit the amount of bene t that can be provided by, and the exibility in the design of, a quali ed plan As a result, nonquali ed plans gained increasing importance Despite these advantages over quali ed plans, a nonquali ed plan suffers from a serious tax disadvantage Contributions to the plan, if any, are not currently tax-deductible to the employer as long as the employees rights to those contributions are subject to a substantial risk of forfeiture Instead, the employer may deduct the bene ts when they are paid Moreover, there is no tax shelter for any fund that the employer may have set aside to nance the plan Investment earnings on such fund are taxed directly to the employer, thus retarding the growth of the fund An exception to the preceding paragraph is a plan that is funded through a secular trust (also known as a vesting trust ) In that case, the employer s contribution is tax-deductible to the employer and is taxed as income to the employee when the employee s interest has vested Investment earnings of the trust are generally taxed to the employer unless distributed to the employee The use of secular trust as the funding vehicle for a nonquali ed plan may subject the plan to the reporting, funding, and other requirements of ERISA and the Tax Code It is assumed throughout this chapter that the nonquali ed plan is not being funded through a secular trust (b) NONQUALIFIED PLAN ASSETS For accounting and tax purposes, any fund that an employer may have set aside to nance a nonquali ed plan is treated as an asset of the employer and not as an asset of the plan in the context of SFAS Nos 87 and 88 Indeed, some plans must be unfunded in order to be exempt from the ERISA funding and reporting requirements Therefore, such a fund is accounted for like any other general asset of the employer, whereas the cost of the
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