"[The Council is] writing to request that Treasury and the IRS publish official guidance on which employer plan sponsors may rely affirming that the 100% excise tax under Internal Revenue Code Section 4976 does not apply to an employer's reallocation or repurposing of welfare benefit fund assets to provide other health and welfare benefits to employees and their beneficiaries. [The Council also recommends], at least in the interim, that Treasury and the IRS begin again to issue private letter rulings (PLRs) on the same and related issues, as needed."

MORE >>