BofA Says Workers’ Transfers Violated Law
Bank of America Corp. said Thursday that it violated U.S. tax law in 1998 and 1999 in letting employees transfer money to its pension plan from its 401(k) retirement plan.
The Internal Revenue Service issued a December 2005 memorandum indicating that amendments the company made in 1998 to its 401(k) plan to permit the voluntary transfers violated an “anti-cutback†rule in the Internal Revenue Code, the bank said.
A spokeswoman said the bank was trying to work out a resolution with the IRS.
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