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RATA |
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The regulations would allow employees who are age 59 1/2 to receive a pro rata portion of their pension annuity to the extent they choose to reduce their work as part of a bona fide phased retirement program. The DOL explained that, assuming expenses are reasonable, certain administrative expenses may be properly allocated to an individual plan participant's account, and other administrative expenses may be allocated pro rata among all plan participants. Beverly will reimburse the government $170 million, with $25 million to be paid within 30 days, and the the rest to be paid over an eight-year period, interest-free, via pro rata reductions in Medicare payments. |
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