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Q: What regulatory agency must approve an employer's IRC 162 bonus plan in order for the employer to take a tax deduction?
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What are the primary legal differences between a multiemployer benefit plan and a single benefit employer plan with respect to management of the plan?

I think that the question that you are asking is the fundamental difference between a multiemployer benefit plan and single employer benefit plan. If not, please clarify. If I am correct in my interpretation of your question, a single employer plan is just that--a benefit plan (that may provide health, life, dental, optical, retirement) and other benefits for the employees of one employer. It may be self-funded (that is, financed internally by the employer), or financed through the purchase of insurance from a licensed insurer. If the latter, the insurer must be licensed (authorized) in the state in which the company does business. If it is entirely self-insured (the employer is financially responsible for the payment of claims) and provides benefits only to the employees of the single employer, it is exempt from state insurance regulation because it is not considered to be an insurer. Plans that are legitimate in that regard may be governed by the Employer Retirement Income Security Act (ERISA) which is administered by the United States Department of Labor. If an insurer is financially responsible for the payment of claims, the insurer is itself subject to direct regulation by the state insurance regulatory authority, and the plan is itself subject to indirect regulation (to the extent that the state has to approve forms and rates that that the insurer uses/charges. In contrast is a multiemployer plan (sometimes called a MEWA-multiple employer welfare arrangement), which by definition provides benefits (some being insurance-like) to the employees of diverse and unconnected employers. In that respect, it acts as an insurer (because there is no common employer and it is providing benefits to people with no common denominator between them) and must be licensed by the insurance regulatory authority where it transacts business. Such licensure helps to ensure financial stability such as claims paying ability, proper underwriting standards, and a fair and prompt claims paying procedure. Employers and consumers have to be wary of unlicensed MEWAs (unauthorized insurers). They sprout periodically during times of hard health insurance markets (on average every 8-10 years or so). They profess to be able to insure just about everyone, and often take the form of feigned unions or associations which must be joined in order to access the "benefit plans". Almost invariably, they go bust after a fairly short period of time leaving consumers and health care providers with a large quantity of unpaid claims.


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What is the abstract noun for approve?

The abstract noun forms of the verb to approve are approval and the gerund, approving.