Foreign Pension Plan Erisa In Massachusetts
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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.
Some of the more common forms that taxpayers may have to file to report their foreign retirement plan include: FBAR (FinCEN Form 114); Form 8938 (FATCA);
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.
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.
You may have to file multiple forms to report the details of your foreign pension, such as: Form 3520: Required if you have any transactions with a foreign trust. Form 3520-A: Required to be filed by the company that manages your foreign pension. Form 8621: Required if PFIC rules apply.
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.
ERISA also does not cover plans maintained outside the United States primarily for the benefit of nonresident aliens or unfunded excess benefit plans.
An SPD should be delivered to participants within 90 days after they become covered, whether they request it or not. Plan administrators of a new plan must distribute an SPD within 120 days after the plan is established.
