1. Describe ERISA preemption of state insurance laws and mandates. Discuss the implications of this preemption. The employee Retirement Income security Act of 1974 (ERISA) is a comprehensive federal statute which imposes minimum standards on employee benefit plans. In order to avoid conflicting state regulations, ERISA preempts state laws which relate to these plans. ERISA’s preemption, however, is not complete. Consistent with the federal policy embodied in the McCarran-Ferguson Act of leaving
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Although we will have to wait for the results of the Department of Justice's investigation, news reports suggest that BP executives may have been criminally negligent in regard to the Gulf oil spill. The right wing is calling for severe penalties on corporate BP. The left wing is blaming America's oil addiction. What seems likely is that nobody is going to prosecute and punish BP executives as individuals. No wonder oil company executives cut corners: If they get away with it, they are rewarded with
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Acquisition of ABC Company: Pension Plan and Segment Reporting The acquisition of ABC Company resulted in the acquisition of its two pension plans, to include a defined contribution plan, and a defined benefit plan. The transaction also resulted in XYZ Company gaining control of two segments that offer no real value to its current business, as they are redundant, and therefore will be eliminated. What follows is an overview of the reporting requirements for the pensions, and what must take place
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PART A Long-term debt includes loans and financial obligations due or payable within a year or longer. Long-term debt liabilities appear on the company’s balance sheet and can include bonds payable, long-term notes payable, mortgages payable, pension liabilities, and lease liabilities (Kieso, Weygandt &Warfield). A corporation’s bylaws usually require approval by the board of directors and the stockholders before long-term debt arrangements can be made (Kieso, Weygandt &Warfield). A bond is
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The Ending of Mandatory Retirement in Ontario As of December 12, 2006 Ontario residents can decide for themselves whether they want to continue working past the age of 65 or whether they want to terminate their employment and start to enjoy their retirement. In Ontario, a new law, Bill 211 came into effect “Ending of Mandatory Retirement Statue Law Amendment Act of 2005.” The bill was given Royal Assent on December 12, 2005 however in order to allow employers time to make the necessary provisions
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Professor: Reza Rafi ACC 305004VA016-1118-001 November 18, 2011 1. Compare the pension plans of Coca-Cola and PepsiCo, including type of plan and funded status at 2007 year-end. Coca Cola has the defined contribution plan that includes all U.S. employees and some international employees, which are funded in accordance with local laws
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down on pension benefits, in the sense that when pension benefits are high it would actually take a lot of its expenditure thus reducing it would help reduce its expenditure. Pension for civil servants are been paid through the nations revenue, and they include a lot of varieties which basically depends on the person’s salary before retirement implying that if a lot of people earn a huge amount of salary in the country, it implies the government would be paying quit an amount as pension benefits
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Question A 3 1) Causes of Pension Crisis 3 2) “Money Purchase” Pension Scheme 4 3) Thinking about Pensions 4 Question B 6 Buy-to-let Property Investment 6 Question C 8 Question D 10 Importance of Writing a Will 10 Bibliography 13 Appendix I 14 Question A Causes of Pension Crisis Pension crisis refers to the difficulty predicted in settlement of pensions due to the difference that exists between the resources held by the pension and the obligations that are supposed
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portion of the FICA tax and (d) the federal unemployment compensation tax. 4. The deductions from employees’ earnings are for amounts owed (liabilities) to others for such items as federal taxes, state and local income taxes, and contributions to pension plans. 5. Yes. Unemployment compensation taxes are paid by the employer on the first $7,000 of annual earnings for each employee. Therefore, hiring two employees, each earning $12,500 per year, would require the payment of twice the unemployment
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| | | Insurance claim settlement of non life insurance and life insurance (only term insurance ) S0607 | | | | Life insurance claim settlement S0608 | | | | Premium for pension fundsS0610 | | | | Periodic pension entitlements e.g. monthly quarterly or yearly payments of pension amounts by Indian pension fund companies S0611 | |
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