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Type 11-Ok WEINGARTEN REALTY INVEST For: Dec 31

Share this…FacebookPinterestTwitterLinkedin 5. INCOME TAX STATUS The Plan operates beneath a non-standardized adoption settlement in reference to a prototype outlined…

By Staff , in Retirement Accounts , at June 23, 2021



5. INCOME TAX STATUS

The Plan operates beneath a non-standardized adoption settlement in reference to a prototype outlined contribution plan and belief, sponsored by Merrill Lynch. This prototype plan doc obtained a positive willpower letter, dated March 31, 2014, from the IRS, which states that the Plan qualifies beneath Part 401(a) of the Inside Income Code (“IRC”) and, due to this fact, has made no provision for federal revenue taxes beneath the provisions of Part 501(a). The plan administrator believes that the Plan is presently designed and being operated in compliance with the relevant provisions of the IRC.

GAAP requires plan administration to guage tax positions taken by the Plan and acknowledge a tax legal responsibility (or asset) if the Plan has taken an unsure place that extra seemingly than not wouldn’t be sustained upon examination by the IRS. The plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020, there are not any unsure positions taken or anticipated to be taken that might require recognition of a legal responsibility (or asset) or disclosure within the monetary statements. The Plan is topic to routine audits by taxing jurisdictions; nonetheless, there are presently no audits for any tax intervals in progress. The plan administrator believes it’s now not topic to revenue tax examinations for years previous to 2017.

6. PARTY-IN-INTEREST TRANSACTIONS

The Plan belongings had been managed by Merrill Lynch. Merrill Lynch was the custodian as outlined by the Plan and, due to this fact, these transactions qualify as party-in-interest transactions. For the 12 months ended December 31, 2020, charges paid by the Plan and the Firm for the every day operational providers of the Plan amounted to $4,000 and $12,172, respectively. For the 12 months ended December 31, 2019, charges paid by the Plan and the Firm for the every day operational providers of the Plan amounted to $27,870 and $14,340, respectively. Moreover, Merrill Lynch might obtain oblique compensation associated to drift revenue earned on non-interest bearing money held on deposit pending funding or a participant’s deposit of a profit fee, which qualifies as party-in-interest transactions.

At December 31, 2020 and 2019, the Plan held 129,881 and 145,216 shares of the Firm within the widespread inventory fund with a good worth of $2,814,512 and $4,536,538, respectively. Additionally, the Firm engaged SWBC Funding Firm to watch and supply suggestions for the Plan’s funding fund choices. For the 12 months ended December 31, 2020 and 2019, the Firm recorded bills on behalf of the Plan of $79,040 and $73,929, respectively.

7. SUBSEQUENT EVENTS

The Plan has evaluated subsequent occasions via June 23, 2021, which is the date the monetary statements had been issued.

On April 15, 2021, WRI introduced it had entered right into a definitive merger settlement (the “Merger Settlement”) with Kimco Realty Company (“Kimco”). The Merger Settlement supplies that WRI might be merged with and into Kimco (the “Merger”). WRI presently expects the Merger to shut within the second half of 2021. The Merger Settlement supplies that, except in any other case requested by Kimco, WRI will take any motion as is important to terminate the Plan efficient as of the day previous to the Merger cut-off date, however contingent on the incidence of such closing. The Merger Settlement additionally supplies that upon the distribution of the belongings within the accounts beneath the Plan to its members, Kimco will allow such members who’re then actively employed by Kimco to make rollover contributions within the type of money from the Plan to Kimco’s relevant outlined contribution plan.

Moreover, the Plan has communicated its intent to terminate its funding within the Widespread Collective Belief Fund, and the Plan is within the technique of merging with Kimco’s relevant outlined contribution plan by January 1, 2022.

As of the date of this report, the monetary affect, if any, of the termination on the Plan is just not fairly determinable as a result of early phases of discussions.





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