Pension Preservation. (AICPA Activities).The AICPA AICPA See American Institute of Certified Public Accountants (AICPA). has submitted comments to Congress supporting The Pension Preservation and Savings Expansion Act of 2003; many of the provisions streamline and simplify the pension plan rules. Among others, the AIPCA applauds the provisions that expand pension plan coverage, permit rollovers to enhance retirement plan portability, improve the compliance resolution system, correct inconsistencies and improve distribution rules. However, the AICPA is concerned about provisions (1) used to calculate the exclusion percentage for lifetime annuity payments; (2) allowing additional nonelective contributions Nonelective Contribution A type of contribution an employer chooses to make to each of his or her eligible employee's employer-sponsored retirement plan. The contribution is not based on salary reduction contributions made by the employee. or midyear changes in savings incentive match plans for employees (SIMPLEs); (3) permitting reverse-match salary reduction contributions to simple employee plans (SEPs); and (4) requiring a quarterly notice to qualified plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. and beneficiaries. For more information, see www. cpa2biz biz n. Informal Business. biz Noun Informal business Noun 1. .com/ResourceCenters/ Tax/Employee+Benefits/Portman_Cardin.html. |
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