Course Description: This recorded webinar will provide you with a detailed description of the Dos and Don’ts of filing retirement plans with the Puerto Rico Department of the Treasury (“Hacienda”). All retirement plans that cover Puerto Rico participants are required to be filed with Hacienda, most likely by the end of this year, to request either a new or an updated determination letter concerning their qualification under the Puerto Rico Internal Revenue Code of 2011 (the “PRIRC”). With about 5,000 of such plan filings already completed, employee benefits practitioners and Hacienda officers have developed a set of best practices and things to do and things avoid as part of these filings.

This webinar will also address the main aspects of Hacienda’s new regulations under PRIRC §1081.01(b), which were just issued on January 9, 2013, regarding the Puerto Rico taxation of retirement income, and will provide particular emphasis to how these regulations may impact the administration of the retirement plans of those United States and international companies operating on the Island. Finally, the webinar will cover several aspects of the local and United States regulation of healthcare and other welfare benefit plans in Puerto Rico, such as recent rulings by the Puerto Rico Supreme Court and the United States federal courts on the income and FICA taxation of severance pay, the applicability of the healthcare reform in Puerto Rico, best practices on HIPAA compliance, and findings and lessons learned about the implementation of the ERISA §408(b)(2) rules in Puerto Rico.

This is a recorded webinar that originally ran live on May 23, 2013. As an eLearning course, you must pass the final exam of this course to receive CPE credit.

Course Level: Intermediate

Course Prerequisites: Basic understanding of employee benefit and retirement plans

Delivery Method: Self-study

Published: 06/11/2013

After completing this course, you will:

• Understand the actions that need to be taken by the end of this year in order to keep a retirement plan duly qualified in Puerto Rico and be aware of related problem areas;
• Understand the basic rules and interplay of U.S. and Puerto Rico taxation of retirement income and the potential tax risk that may arise when the rules are not properly followed;
• Become familiar with the IRS and Hacienda efforts on the supervision of retirement plans on the Island; and
• Keep abreast of recent developments on the operation of welfare plans in Puerto Rico.

CPE

1.5

CLE

N/A