Federal statute imposes a penalty excise tax on an excess benefit transaction of 25% of the excess benefit on the individual from inside the organization (disqualified person) receiving the benefit. Also imposes a penalty excise tax of 10% of the excess benefit on the manager in the organization awarding the excess benefit. If the excess benefit is not repaid to the tax-exempt organization in a reasonable time, the disqualified individual is assessed an additional tax penalty of 200% of the excess benefit received.
Insurance Encyclopedia
Section 501(c)(9) Voluntary Employees Beneficiary Association (VEBA)
Federal legislation that allows employers to establish a trust that may be used to provide accident and illness benefits to employees who are members.
Section 79 of the Internal Revenue Code
Group whole life insurance plan in which the employer’s contributions help with income tax exemptions. This federal statute lists specifications that a plan must meet.
Section guidelines
Instructions that precede the major divisions or parts of the Current Procedural Terminology (CPT) code book providing information for accurate coding.
Section schemes
An s.53 scheme (PSA93, s.53) is an occupational pension scheme that used to be contracted out and still has a guaranteed minimum pension scheme or protected rights. An s.590 scheme (ICTA88, s.590) is an occupational scheme that gets mandatory approval. An s.608 scheme is an occupational scheme approved before 6 April 1980 but not approved under the new code. Consequently no contributions have been made since 1980.
Sector
Distance between two ground points within a route.
Secured debt
Debt (an amount owed) in which a debtor pledges certain property (collateral), in a written security agreement, to the repayment of the debt.
Securities
A general term used to refer to the evidence of ownership of a stock or bond. This can equally be evidence of a debt.
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Evidence of a debt or of ownership as stocks, bonds and checks.
Securities Act of 1933
A law passed in 1933 mandating that a prospectus, a document with detailed information about the company and its finances, must be used in the sale of securities. This act also mandates full and fair disclosure throughout the sale.
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US: Act to ensure the availability of complete and reliable information about securities being sold to the public. The most important components of the Act are Section 5, which makes it illegal to offer or sell securities to the public unless they have first been registered with the Securities and Exchange Commission (SEC), and Section 11, which imposes civil liability for material misstatements in registration statements. Failure to comply with the Act’s technical or substantive requirements in connection with a public offering of a security can result in liability of the corporation and its directors and officers.
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Focuses on the initial offering and sale of securities by companies. The Act, among other things, requires registration of the securities and full, honest disclosure of all material information about the securities before the securities can be offered or sold. Violators may be subject to civil liability and criminal penalties.
Securities Act of 1933 Section 10(b) and Rule 10b-5
Refer to the catchall antifraud provisions under the Securities Exchange Act of 1934. The vast majority of private class action securities lawsuits brought against directors and officers for open market misrepresentations are brought under these provisions, which prohibit any person from using an instrumentality of interstate commerce to engage in any manipulative, deceptive or fraudulent conduct in connection with the purchase or sale of any security (including not only publicly traded securities, but also securities in a privately-held company). “Securities” are defined broadly to include not only shares of stock, but certain notes, bonds, debentures, investment contracts and other investment instruments.