Walnut Creek, CA—August 13, 2018—Newport Group is earning national recognition for the company's thought leadership on non-qualified plans.
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According to the Identity Theft Resource Center, there were 1,222 data breaches in 2017−exposing more than 172 million records. This easily surpasses the all-time record high set in 2016 of 1,093 data breaches. And that was a whopping 40% increase over 2015’s 780 reported breaches.
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Included in the tax reform legislation passed last December were changes to the previously existing transfer for value rules. These changes were designed to address perceived abuses in the stranger-owned life insurance (STOLI) market, whereby entities are formed for no other reason than to acquire, own and be the beneficiary of insurance policies.
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Non-qualified deferred compensation plans are more popular now than ever among the nation’s leading companies due to their relative ease of implementation and high individual tax rates (federal and state).
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Newport Group was recently ranked 18th among 60 firms featured in an annual list of top recordkeepers by Plansponsor magazine, the industry’s leading publication.
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Questions and Answers with Executive Vice President Global Technology and Digital Innovation Eric Brickman
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IRS Notice 2018-68 (the “Notice”) provides transition guidance under Internal Revenue Code (“Code”) §162(m) that allows employers to deduct all grandfathered non-qualified deferred compensation.
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Section 409A of the Internal Revenue Code of 1986, as amended (the "Code") requires deferred compensation to be paid under written agreements specifying both the time when payments commence and the form of payment. Section 409A prohibits earlier payment under an "anti-acceleration" rule.
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