TAX 9873 Lecture Notes - Lecture 21: Employer Identification Number, Data General, Flat Rate
Document Summary
Plan legal name, employer identification number and plan number. Certified funded status (>65% funded, between 65-80% funded or greater than 80%) Expiration date of any cba and any minimum funding arrangements. Whether employer contribution represent more than 5% of total contributions to the plan. Contributions made to each significant plan and total contributions made in aggregate to all other plans. Nature and effect of any changes affecting comparability for each period. Pbgc assumes trusteeship terminations and administers payments to participants. If employer withdraws from the plan, accrued benefits of workers stay in plan. Plan terminates by mass withdrawal if all employers leave: when plan is insolvent, pbgc provides financial assistance to trustees. If employer withdraw from the plan, employer liable for employer world. Employer its share of the unfunded liability (withdrawal liability). responsible for unfunded. In bankruptcy, remaining employers assume liability for benefits. funding benefits (orphaned liability) Depending on plan financials, may require additional contributions based on plan funded status.
