|
|
Article: IRS ruling on vacation pay raises 401(k) account questions Decision allows specific employer to roll money into retirement
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- January 5, 1997
- Author:
CopyrightCopyright 1997 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
|
Finish the year without using up your vacation time?
That can be especially annoying if your employer has a "use it or
lose it" policy, and you have just kissed some quality off-time
goodbye.
But there may be hope on the horizon for those who procrastinate
or find themselves too busy to take the vacation to which they are
entitled.
The Internal Revenue Service in a recent private-letter ruling
gave an unnamed employer permission to roll unused vacation pay into
its employees' 401(k) accounts.
"I was very surprised at the IRS interpretation," says Jennifer
A. Berg, president of BenePlan Inc., a retirement benefits consulting
and administration firm in Wauwatosa.
It doesn't fit with the ...