The Omnibus Budget Reconciliation Act of 1990 (OBRA) allows governmental employers under certain circumstances to use a deferred compensation plan described in Section 457(b) of the Internal Revenue Code in lieu of paying and withholding Social Security/FICA taxes for employees that participate in such plans.
Keeping this in consideration, is OBRA a pension?
OBRA – Defined Contribution Retirement Plan.
Accordingly, is OBRA a 457?
Established in 1990, OBRA is an acronym for Omnibus Budget Reconciliation Act. The primary purpose of this 457 deferred compensation plan is to provide a retirement alternative to Social Security for all non-benefited part-time, seasonal and temporary employees.
What is the main goal of OBRA?
The primary goal of OBRA is to establish uniform standards for nursing homes and ensure the protection and safety of patients. For example, under OBRA, nursing homes must be inspected annually.
What is OBRA purpose?
The Omnibus Budget Reconciliation Act (OBRA) was first enacted in 1987. It’s sometimes referred to informally as the Nursing Home Reform Act but more commonly just OBRA. OBRA’s purpose was to improve the quality of care in nursing homes for the health and safety of nursing home residents.
How do I withdraw money from mass smart plan?
You can access the Automated Minimum Distribution Request form online or via phone. Go to www.mass-smart.com. Once logged in, select the Forms tile and then select Automated Minimum Distribution Request. Call the SMART Plan Service Center at (877) 457-1900.
What is Massachusetts deferred compensation smart plan mandatory Obra?
The Massachusetts Deferred Compensation SMART Plan is a voluntary retirement savings program. Retiring employees may defer accumulated sick pay, vacation pay and back pay into their SMART Plan account. Employees separating from service may defer accumulated vacation and/or back pay.
What is a TFRA?
A TFRA is a retirement savings plan that works similarly to a Roth IRA. You pay taxes on the money going into the plan, and the growth on your money is not taxed. However, unlike a Roth, a TFRA does not have Internal Revenue Service-regulated restrictions on how or when you take money from your account.
What is Obra in healthcare?
The Omnibus Budget Reconciliation Act (OBRA), also known as the Nursing Home Reform Act of 1987, has dramatically improved the quality of care in the nursing home over the last twenty years by setting forth federal standards of how care should be provided to residents.
What does PST mean in payroll?
About PST. The Part-time, Seasonal, and Temporary (PST) Employees Retirement Program is a mandatory retirement savings program created by federal law for State employees and California State University employees who are not covered by a retirement system or Social Security.
What is PST on paycheck?
The PST Retirement Program is a mandatory retirement savings plan for employees who aren’t members of a retirement system, suc. Page 1. The PST Retirement Program is a mandatory retirement savings plan for employees who aren’t members of a retirement system, such as CalPERS.