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Pension Funding

BY Larry Bell
November 30, 2009

Part Two of a Two-Part Article

Last month's installment presented an innovative approach to pension funding that provides employee life insurance benefits while creating income to fund an employer's pension plan. Using a third-party administrator owned by the Pension, death benefits for retired or withdrawn employees under this approach can inure to the Pension, thus creating income. The discussion detailed how the approach complies with UBTI rules, provides income that is not taxable, and meets PPA AFTAP certification requirements. This conclusion addresses: 1) whether the Program qualifies for AFTAP valuation as an asset; 2) whether the Program complies with COLI Best Practices of 2006 and IRC ' 101(j) and Notice 2009-48; and 3) whether the Program is a prohibited transaction.

Does the Program Qualify for AFTAP Valuation As an Asset?

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