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6 Cards in this Set

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  • Back
Incidental Benefit Rule
For term and univresal life, the aggregated amount of premium paid for the paticipants by the plan must be less than 25% of the aggregated contribution for that paritipant.
For defined benefit plan: death benifit paid by the plan should be no more than 100 times months retirement income benifit.
Control Grop One: Parent-subsidiary
At least 80% of each company stock are owned by one or more of other companys
Control Group Two: Brother -Sister (80% Rule)
80% Rule: if 1-5 people have the ownership of both company and they totally own more than 80%, the two company will be considered brother-sister relationship
Control Group Two: Brother -Sister (50% Identical Rule)
If the total identical interest one or more people owned in each company is greater than 50%, these companies have Brother-Sister relationsip
Affiliated service Groups
Three key points
a. Perfessional service group
b. 10% ownership
c. provide the service regularly and significantly.
Qualified Plan Reporting Resposibility
Form 5500: annual report for a qualified retirements plan with 100 or more EEs. or 5500-EZ for one-paritipant plan by 7/31 of the following year
1099-R, plan distribution by 2/28 of the following year