May 24, 2021

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Unlike many other fringe benefit programs, split-dollar life insurance arrangements were not built upon statutory or judicial law. Instead, the tax consequences of split-dollar life insurance plans have been largely controlled by one Revenue Ruling published by the IRS in 1964.1 Although a Revenue Ruling is fairly weak authority in legal terms, split-dollar insurance has grown into a concept so popular that practically every employer has adopted some form of split-dollar insurance for one or more of its employees. While you may not be offered a split-dollar life insurance benefit anymore, wealthier Americans use private versions in estate planning view. Interest rate swaps can get rather complicated, but in their simplest form, they break down to just a few steps. The first interest rate swap occurred between IBM and the World Bank in 1981. However, despite their relative youth, swaps have exploded in popularity. In 1987, the International Swaps and Derivatives Association reported that the swaps market had a total notional value of $865.6 billion. By mid-2006, this figure exceeded $250 trillion, according to the Bank for International Settlements. That’s more than 15 times the size of the U.S. There is a multitude of legislation in Austria dealing with different aspects of labour law. However, the central legislative enactment in Austrian labour law is the Labour Constitution Act ( Arbeitsverfassungsgesetz, ArbVG). This law regulates the collective interest representation on the two sides of industry at and above company level as well as collective bargaining. Sector agreements contain provisions on piecework, distribution options, most appraisal-based schemes (performance-related pay and competence criteria), profit-related schemes and some kind of bonuses agreement.

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