Similarly, ACA's grandfather rule
promises that we can keep
The notice does not define the term "arrangement" for the purpose of determining what is protected by this grandfather rule
Moreover, it is not yet clear how this Grandfather Rule
will apply to plans or agreements that contain "binding" terms that are affected by actions within the discretion of the corporation, such as an employment agreement that guarantees the CEO an annual increase in salary determined by the average rate of increase for all of the corporation's executive officers.
The southern hemisphere nations are now campaigning for the International Rugby Board to scrap the grandfather rule
- meaning only players born in a country, or with a parent born there, would be able to play.
In addition, the FDIC adopted MBA's recommendation for a broad exemption for all PMSR purchased on or before February 9, 1990, instead of a six-year grandfather rule
for rights acquired before August 9, 1989.
Under the grandfather rule
, employers can maintain many of their current health care coverage provisions and are required to make fewer changes to plan documents and administrative procedures in order to comply with the new law.
A grandfather rule
would be available for entities listed as corporations that claimed partnership status before publication of the proposed regulations.
Fortunately for foreign enterprises currently operating in China, a grandfather rule
exists for those firms that have a heavier business tax after the new rules go into effect.
Of real potential consequence from an international perspective, a pending technical correction would clarify that the grandfather rule
does not apply to the section 409A funding requirements, thereby effectively requiring offshore trusts to be "brought back" (physically or by taxation) as of January 1, 2005.