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The Government Finance Officers Association (GFOA) believes that state and local governments should not be subject to the Internal Revenue Service regulations that require that the value of an employer-provided vehicle be included in the compensation of their employees.
Since an employee's income is at its highest level when taxes are paid on these contributions, the ability to recover this cost immediately at the time of retirement on a dollar-for-dollar basis is a matter of basic equity.
Employees approaching retirement have utilized the three-year rule as a major element of their pre-retirement financial planning.
Retain the Three-Year Recovery Rule The proposed taxation of contributory pensions is in conflict with a strong national pension policy.
Currently, local, state, and federal government employees are not taxed on their annuities until the retiree recovers his or her contributions made to the plan, if that recovery is no longer than three years.
This would obviously result in additional costs to state and local governments and would discourage the employment of older workers.
Retain 401(k)s for Public Employees Another incentive to save for retirement should remain available to state and local government.
IIHS has been conducting research for more than 50 years.
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This paper provides a “case” study of how accounting standard-setters framed the pension reporting problem vis-à-vis how they frame the “reporting problem” in general.
private employee pensions has long been a controversial and politically contested terrain. Over the last quarter century there has been a marked swing in power toward management and away from employees making it possible for increasing numbers of U. companies to switch from conventional defined benefit plans to cash balance plans.
Deferred compensation programs have been established in most states to encourage employees to accumulate personal savings for retirement.