Do I need to report my foreign pension on FBAR?

The FBAR is used to report foreign bank and financial accounts. The term 'financial accounts' is very broad and involves all different types of foreign accounts including retirement plans.

What plans are exempt from ERISA?

ERISA exempts only two types of employers: Employee benefit plans maintained by governmental employers are exempt from ERISA's requirements. This exemption includes plans maintained by the federal, state or local (for example, a city, county or township) governments. Church plans are also exempt from ERISA.

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USLF Multistate Elder and Retirement Law Handbook - Guide

Foreign Pension Plan Erisa In King

Category:

Family Law - Elder Law

State:

Multi-State

County:

King

Control #:

US-001HB

Format:

Instant download

Description

The Foreign Pension Plan ERISA in King covers key aspects of foreign pension plans as they relate to the Employee Retirement Income Security Act (ERISA). This form provides essential information regarding the rights and protections of employees participating in foreign pension plans, ensuring compliance with U.S. regulations. Key features include eligibility criteria for employees, outlining necessary documentation and information about reporting obligations for foreign pension providers. Users must fill out the appropriate sections, ensuring accurate information regarding pension contributions and benefits. Attorneys, partners, owners, associates, paralegals, and legal assistants can particularly benefit from this form as it aids in advising clients on pension rights, compliance with ERISA, and potential remedies in case of violations. Additionally, it is a useful resource for understanding the integration of foreign pension benefits with U.S. retirement plans. This form also serves as a foundational tool for legal professionals to help clients navigate the complexities of foreign pension regulations effectively.

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FAQ

FATCA reporting. Under FATCA, you may need to report your foreign pension on Form 8938, Statement of Specified Foreign Financial Assets, if the total value of your foreign financial assets exceeds certain thresholds. These thresholds vary based on your filing status and whether you live in the US or abroad.

The FBAR is used to report foreign bank and financial accounts. The term 'financial accounts' is very broad and involves all different types of foreign accounts — including retirement plans.

ERISA also does not cover plans maintained outside the United States primarily for the benefit of nonresident aliens or unfunded excess benefit plans.

ERISA exempts only two types of employers: Employee benefit plans maintained by governmental employers are exempt from ERISA's requirements. This exemption includes plans maintained by the federal, state or local (for example, a city, county or township) governments. Church plans are also exempt from ERISA.

Report on line 11500 of your return, in Canadian dollars, the total amount of your foreign pension income received in the tax year. Attach a note to your paper return identifying the type of pension you received and the country it came from. You may be able to claim up to $2,000 on line 31400.

Qualified plans include 401(k) plans, 403(b) plans, profit-sharing plans, and Keogh (HR-10) plans. Nonqualified plans include deferred-compensation plans, executive bonus plans, and split-dollar life insurance plans.

Common types of employer-sponsored retirement accounts that fall under ERISA include 401(k) plans, pensions, deferred-compensation plans, and profit-sharing plans. In addition, ERISA laws don't apply to simplified employee pension (SEP) IRAs or other IRAs.

ERISA also does not cover plans maintained outside the United States primarily for the benefit of nonresident aliens or unfunded excess benefit plans.

If you are a U.S. citizen or U.S. resident alien, you report your foreign income on your tax return where you report your U.S. income. That is, on line 1 of IRS Form 1040.

FATCA and Foreign Pensions Under FATCA filing requirements, all US citizens are required to report certain foreign assets to the IRS if they exceed certain thresholds. To do this, you would complete and file Form 8938.