an employer may not decrease an accrued benefit by
amending the plan.
If Anderson's compensation is not modified to remove the excess benefit by
the date the first-tier tax is assessed, she will be subject to a second-tier tax of $600,000 (200% of $300,000).
The Third Circuit explained that a plan sponsor could prospectively eliminate an early retirement benefit by
amendment, but the amendment could not adversely affect the early retirement benefit of a participant who satisfied the preamendment conditions for the benefit either before or after the amendment.
Clients benefit by
having the final product without having to purchase, install and learn the software.
This employee would benefit by
taking fringe benefits on a nontaxable basis during these early years.
Applying the Dillingham guidelines, the district court stated that it had no difficulty ascertaining that - the intended benefits were monthly pensions after retirement; - the beneficiaries were BEC employees; - the source of financing was BEC's general assets; and - the procedures for receiving benefits were written notice by the employee to his supervisor, calculation of the benefit by
a company official pursuant to the board's guidelines, approval by Burford and notification of the payroll department.