TITLE

Pouring over PTO: IRS issues new rulings on transfer of paid time-off to 401(k)s

AUTHOR(S)
PALMIERI, FRANK
PUB. DATE
June 2010
SOURCE
Employee Benefit News;Jun2010, Vol. 24 Issue 7, p46
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article focuses on the Revenue Ruling 2009-31 and Revenue Ruling 2009-32 initiatives issued by the U.S. Internal Revenue Service during the economic downturn to provide tools and to help employers and employees save for retirement. Under the Revenue Ruling 2009-31, an employer maintains a paid time-off (PTO) program combining vacation and sick leave pay. Under the second initiative, the PTO plan provided for a limited carryover and an automatic cash-out of unused PTO that exceeds the carryover in the following February.
ACCESSION #
51228840

 

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