Treasury, IRS issue proposed regs on phased retirement.The Treasury Department and IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. have issued proposed regulations permitting private pension plans to begin pension payments to employees as part of a phased retirement program. The regulations would allow employees who are age 59 1/2 to receive a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. portion of their pension annuity to the extent they choose to reduce their work as part of a bona fide [Latin, In good faith.] Honest; genuine; actual; authentic; acting without the intention of defrauding. A bona fide purchaser is one who purchases property for a valuable consideration that is inducement for entering into a contract and without suspicion of being phased retirement program. For more, visit www.ustreas.gov/press/releases/js2094.htm. |
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