The IRS has announced it will renew its approval process for companies wanting to switch from traditional pension plans to cash-balance plans. (IRS Notice 2007-6)
Under the Pension Protection Act of 2006, plans created after June 29, 2005, generally won’t be considered discriminatory against older workers if benefit accruals will continue after the switch. But the new law doesn’t provide absolute insulation from employee lawsuits. The IRS announcement ends an eight-year hiatus for application approvals.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/7042/submit-cash-balance-plan-applications "