00 KF3512 Given the broad nature of prohibited transactions on the part of fiduciaries of pension and other employee benefit plans provided for by the Employee Retirement Income Security Act of 1974 (ERISA), Congress also provided an administrative exemption procedure which has since been utilized by the Department of Labor (and, early on, the Internal Revenue Service) to grant prohibited transaction class exemptions.
What does PT stand for?
PT stands for Prohibited Transaction (qualified retirement plans)
This definition appears frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of PT
We have 127 other meanings of PT in our Acronym Attic
- Processing Technician
- Procurement Team
- Product Team
- Product Tester
- Production Test
- Production Trial
- Professional Tutorials (India MBA Coaching Institute)
- Proficiency Test
- Proficiency Training
- Program Trading
Samples in periodicals archive:
Regulation implements prohibited transaction exemption under 2006 Pension Protection Act WASHINGTON, Oct.
As a result, both the Merrill Lynch IRA's tax-exempt status under IRC [section] 408 and its bankruptcy estate exemption were disqualified as of the beginning of 1993, the year in which the first prohibited transaction occurred.
Only certain types of fiduciary breaches are eligible for relief under VFC, all of which deal with transactions involving valuation and prohibited transaction issues under Title 1 of ERISA.
Regardless of materiality, failure to remit or untimely remittance of participant contributions is a prohibited transaction under the Employee Retirement Income Security Act (ERISA), notes Linda S.
The seminar program will emphasize the obligation of plan sponsors and other fiduciaries to understand the terms of their plans, select and monitor service providers carefully, make timely contributions to fund benefits, avoid prohibited transactions, and make timely disclosures to workers, their beneficiaries and the government.
There are three categories of legal issues to consider: federal income tax issues, state insurance regulatory constraints and prohibited transaction considerations under the Employee Retirement Income Security Act of 1974 (ERISA).
The trustee's theory of the case was that NISA, a plan fiduciary, caused APT to engage in a prohibited transaction with Salomon, which was not a fiduciary but was a party in interest to the deal.