prohibited payment
Defined in 2 places across 2 titles of the United States Code.
For purpose 1 of this paragraph, the term “prohibited payment” means—
(i) any payment, in excess of the monthly amount paid under a single life annuity (plus any social security supplements described in the last sentence of section 1054(b)(1)(G) of this title), to a participant or beneficiary whose annuity starting date (as defined in section 1055(h)(2) of this title) occurs during any period a limitation under subparagraph (A) or (B) is in effect,
(ii) any payment for the purchase of an irrevocable commitment from an insurer to pay benefits, and
(iii) any other payment specified by the Secretary of the Treasury by regulations.
Source
- 2007–201329 U.S.C. § 1056Labor · Form and payment of benefits · in this section
For purpose 1 of this paragraph, the term “prohibited payment” means—
(i) any payment, in excess of the monthly amount paid under a single life annuity (plus any social security supplements described in the last sentence of section 1054(b)(1)(G) of this title), to a participant or beneficiary whose annuity starting date (as defined in section 1055(h)(2) of this title) occurs during any period a limitation under subparagraph (A) or (B) is in effect,
(ii) any payment for the purchase of an irrevocable commitment from an insurer to pay benefits, and
(iii) any other payment specified by the Secretary of the Treasury by regulations.
Such term shall not include the payment of a benefit which under section 1053(e) of this title may be immediately distributed without the consent of the participant.
Source
- 2008–201329 U.S.C. § 1056Labor · Form and payment of benefits · in this section
For purpose 2 of this paragraph, the term “prohibited payment” means—
(i) any payment, in excess of the monthly amount paid under a single life annuity (plus any social security supplements described in the last sentence of section 1054(b)(1)(G) of this title), to a participant or beneficiary whose annuity starting date (as defined in section 1055(h)(2) of this title) occurs during any period a limitation under subparagraph (A) or (B) is in effect,
(ii) any payment for the purchase of an irrevocable commitment from an insurer to pay benefits, and
(iii) any other payment specified by the Secretary of the Treasury by regulations.
Source
- 2014–present29 U.S.C. § 1056Labor · Form and payment of benefits · in this section
For purpose 2 of this paragraph, the term "prohibited payment" means—
(i) any payment, in excess of the monthly amount paid under a single life annuity (plus any social security supplements described in the last sentence of section 1054(b)(1)(G) of this title), to a participant or beneficiary whose annuity starting date (as defined in section 1055(h)(2) of this title) occurs during any period a limitation under subparagraph (A) or (B) is in effect,
(ii) any payment for the purchase of an irrevocable commitment from an insurer to pay benefits, and
(iii) any other payment specified by the Secretary of the Treasury by regulations.
Such term shall not include the payment of a benefit which under section 1053(e) of this title may be immediately distributed without the consent of the participant.
Source
- 2013–202329 U.S.C. § 1056Labor · Form and payment of benefits · in this section
For purpose of this subsection, the term “prohibited payment” means—
(A) any payment, in excess of the monthly amount paid under a single life annuity (plus any social security supplements described in the last sentence of section 411(a)(9)), to a participant or beneficiary whose annuity starting date (as defined in section 417(f)(2)) occurs during any period a limitation under paragraph (1) or (2) is in effect,
(B) any payment for the purchase of an irrevocable commitment from an insurer to pay benefits, and
(C) any other payment specified by the Secretary by regulations.
Source
- 2006–present26 U.S.C. § 436Internal Revenue Code · Funding-based limits on benefits and benefit accruals under single-employer plans · in this section
For purpose of this subsection, the term "prohibited payment" means—
(A) any payment, in excess of the monthly amount paid under a single life annuity (plus any social security supplements described in the last sentence of section 411(a)(9)), to a participant or beneficiary whose annuity starting date (as defined in section 417(f)(2)) occurs during any period a limitation under paragraph (1) or (2) is in effect,
(B) any payment for the purchase of an irrevocable commitment from an insurer to pay benefits, and
(C) any other payment specified by the Secretary by regulations.
Such term shall not include the payment of a benefit which under section 411(a)(11) may be immediately distributed without the consent of the participant.
Source
- 2008–201526 U.S.C. § 436Internal Revenue Code · Funding-based limits on benefits and benefit accruals under single-employer plans · in this section
For purposes of paragraph (1), the term “prohibited payment” means—
(A) any payment, in excess of the monthly amount paid under a single life annuity (plus any social security supplements described in the last sentence of section 1054(b)(1)(G) of this title), to a participant or beneficiary whose annuity starting date (as defined in section 1055(h)(2) of this title), that occurs during the period referred to in paragraph (1),
(B) any payment for the purchase of an irrevocable commitment from an insurer to pay benefits, and
(C) any other payment specified by the Secretary of the Treasury by regulations.
Source
- 1994–present29 U.S.C. § 1056Labor · Form and payment of benefits · in this section