Puerto Rico - INSIDER highlights
We highlight here three articles which may be of interest to Puerto Rico
employers in this month’s edition:
- The article titled "Pension
Security Act Moves Through House" summarizes legislation
proposed in the U.S. Congress affecting retirement plans. This legislation,
which has now been passed by the U.S. House of Representatives as the Pension
Security Act, if approved by the Senate will affect Puerto Rico qualified
plans. Some of its key provisions deal with plans that restrict investment
of employer contributions to the employer’s own stock, as well as employer’s
hiring “fiduciary advisers” to provide investment advice to plan participants.
- The brief article titled "DOL
Gives Relief on Plan Loans to Executives and Directors" summarizes
the contents of Field Assistance Bulletin (FAB) 2003-1, issued
by the U.S. Department of Labor. This FAB resolves potential conflicts
with the Sarbanes-Oxley Act by lifting some and clarifying other restrictions
on plan loans to the Sponsor’s Executives and Directors.
- The article titled "Supreme
Court to Determine Whether ADEA Prohibits “Reverse” Age Discrimination" describes
potential outcomes of the Supreme Court’s decision to hear a case to
determine whether or not the Age Discrimination in Employment Act
(ADEA) prohibits reverse age discrimination in certain benefits practices,
such as retiree health plans. The resulting ruling may have significant
impact on benefits programs for employees over the age of 40.
Please feel free to call us if you have any questions on the issues raised
in this month’s “Insider”.
Sincerely,
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