The Resource What pension plan administrators need to know about foreign financial transactions : nonresident alien withholding, OFAC sanctions, and FATCA requirements

What pension plan administrators need to know about foreign financial transactions : nonresident alien withholding, OFAC sanctions, and FATCA requirements

Label
What pension plan administrators need to know about foreign financial transactions : nonresident alien withholding, OFAC sanctions, and FATCA requirements
Title
What pension plan administrators need to know about foreign financial transactions : nonresident alien withholding, OFAC sanctions, and FATCA requirements
Creator
Subject
Language
eng
Summary
Pension plan administrators may find themselves struggling between providing promised, vested benefits to a participant/beneficiary (in accordance with the plan's terms) and complying with certain portions of foreign financial transactions laws. Some of the possible pitfalls for administrators include overlooking (or not sufficiently planning for) situations involving benefits administration, especially distribution requirements, for global payees. When a distributable event (e.g., the death of a member who was eligible for death benefits) occurs, the plan terms that require benefit payments are triggered. However, if the member's beneficiary requests that the payment be sent to him in an Office of Foreign Assets Control (OFAC) sanctioned country, the plan administrator may have to choose between violating OFAC compliance requirements and the plan's terms. Similarly, if plan assets are sent to certain foreign entities, plan sponsors may have to obtain financial and/or ownership data or withhold portions of payments from such entities to comply with federal law with regard to financial transactions with foreign entities. This article is designed to provide general information to administrators to assist in their compliance efforts with respect to: (1) nonresident alien withholding requirements; (2) OFAC sanctions regulations; and (3) Foreign Account Tax Compliance Act (FATCA) requirements
Citation source
In: Tax management international journal. - Arlington. - Vol. 44 (2015),
http://library.link/vocab/creatorName
Sharpley, T
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • pension
  • non-resident alien
  • withholding tax
  • FATCA
  • tax treaty
Label
What pension plan administrators need to know about foreign financial transactions : nonresident alien withholding, OFAC sanctions, and FATCA requirements
Instantiates
Publication
Label
What pension plan administrators need to know about foreign financial transactions : nonresident alien withholding, OFAC sanctions, and FATCA requirements
Publication

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