IRS Issues Ruling and Guidance on Terminating 403(b) Tax-Sheltered Annuities
See Revenue Ruling 2011-7 and the Employee Plans News article.
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Mass AG Seeks Control over Nonprofit Directors’ Compensation
In a press release today, Martha Coakley, the Massachusetts attorney general, announced the issuance of a report rejecting the justification for directors’ compensation offered by the state’s four major not for profit health insurers. Of greater significance for the nonprofit world, the AG’s office announced it will seek legislation requiring its pre-approval of compensation for the directors of any public charity, coupled with the power to rescind the approval if the office later determines it is more than “reasonably necessary.”
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