COLI Best Practices Act of 2005

Summary

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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 May 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 11 May 2005

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 11 May 2005

  Open at official source

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