Nondiscrimination Rules
Definition of "Nondiscrimination rules"
Rules stating that, under the tax EQUITY AND RESPONSIBILITY ACTS OF 1982 AND 1983 (TEFRA), a plan can not discriminate in favor of key employees regarding contributions and benefits if favorable tax treatment is to be retained. For example, the premiums the employer pays on behalf of the employee for the first $50,000 of group term life insurance are not considered taxable income to the employee if the plan does not discriminate.
Popular Insurance Terms
Provision that excludes from coverage under Form No. 3: flood damage, except if the flood causes a fire, explosion, or theft; water damage from the backup of sewers; earthquake, except if ...
Transaction in which the property owner (for example, a pension fund) agrees to pay the insurance company a rate of return tied to the fluctuations in real estate prices. In return, the ...
Disposition or transfer of property at time of death. Although the law provides that property may be transferred at death only by means of a will that meets the requirements of state ...
Legal case in which the United States Supreme Court held that pension assets are to be excluded from the bankruptcy estate of the plan participant. ...
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Clause in an insurance policy that describes the administration and submission of claims procedure. ...
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Legislation that makes insurance fraud a federal crime. This act is part of the Omnibus Crime Bill. Under the act, it is a federal crime to embezzle or misappropriate funds, money, or ...
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