Definition of "Unemployment compensation amendment of 1992"
John Ashton, Real Estate Agent
Keller Williams Realty
Amendment to the law that requires companies that manage retirement plans to permit terminating participants to directly transfer any plan distribution to the individual retirement account (IRA) or qualified pension plan of the participant's choice. If the participant receives the distribution directly, the plan administrator is required to remit a 20% withholding penalty directly to the Internal Revenue Service.
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