Foreign Pension Plan Erisa In Suffolk
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FAQ
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.
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.
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.
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.
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.
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.
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.
