Media report could spur legislation to stop transfers from SERPs to qualified pension plans
Rep. Peter Welch, D-VT, has posed a series of questions to the IRS and Treasury Department about the practice of moving benefits from supplemental executive retirement plans to tax-qualified pension plans. A recent report in the Wall Street Journal prompted the congressman's Aug. 7 inquiry; he intends to use the information "to prepare a legislative response to this issue." His questions relate to the transaction's legalities, prevalence, and impact on pension plan solvency, as well as the IRS's role in issuing approval letters and auditing pension plans' nondiscrimination tests. (Select News, 20 Aug 2008)
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