The Senate Finance Committee today approved with little debate a proposal that would sharply limit executive deferred compensation plans.
Insurance industry groups are saying the non-qualified deferred comp, which has been added to the Senate’s minimum wage bill, could have a big effect on the tax-deferred compensation packages that life insurance underwriters and life insurance agents sell.
The House passed its minimum wage bill, H.R. 2, last week.
Over in the House, Rep. Charles Rangel, D-N.Y., has said he does not want to see colleagues add tax provisions to the minimum wage bill.
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Members of the Senate Finance Committee do want to add tax breaks, and they have been looking for ways to offset the cost of the tax breaks.
The non-qualified deferred comp amendment would: