H.R.2251 - COLI Best Practices Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Reynolds, Thomas M. [R-NY-26] (Introduced 05/11/2005)|
|Committees:||House - Ways and Means|
|Latest Action:||05/11/2005 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.2251 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (05/11/2005)
COLI Best Practices Act of 2005 - Amends the Internal Revenue Code to limit the tax exclusion for benefits paid by employer-owned life insurance contracts upon the death of an insured employee, with certain exceptions for directors and highly compensated employees and for proceeds paid to the heirs of an insured employee. Requires employers to provide written notice to employees of intent to insure their lives and obtain written consent from such employees to being insured under a company-owned life insurance contract.
Imposes certain reporting and recordkeeping requirements for employer-owned life insurance contracts.