[外语类试卷]专业英语八级(社会类阅读理解)模拟试卷1及答案与解析.doc
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1、专业英语八级(社会类阅读理解)模拟试卷 1及答案与解析 0 Mary Rich worked for a hospital in northern New Jersey for 25 years, first as a registered nurse and later as an executive. One of the jobs benefits was a traditional pension that she expected to receive at retirement. Now that benefit seems unlikely to be around by the
2、 time she retires. Richs financially troubled former employer, the Hospital Center at Orange (HCO), shut down in 2004. The pension plan currently has $5.25 million in assets, which are being distributed at the rate of $2.7 million per year. By the time Rich reaches retirement 12 years from now, the
3、money will be gone. Under normal conditions, a pension plan such as HCOs would have been back-stopped by the Pension Benefit Guarantee Corporation, the federally sponsored agency that insures most private sector pension plans. When plans go belly up, PBGC takes them over and continues to make paymen
4、ts; most participants receive 100 percent of promised benefits. But HCOs case wasnt typical. A year before it closed, HCO had declared itself to be a “church plan“ meaning that it was claiming an exemption to federal pension law and PBGC coverage. The Employee Retirement Income Security Act, known a
5、s ERISA, regulates most private-sector pensions. But it has always exempted plans operated directly by churches for their clergy and employees to make it easier for the churches to operate their plans. A 1980 amendment to ERISA clarified that the exemption also applied to church pension boards, whic
6、h administer group pension plans for church employees. But since then, a growing number of plan sponsors with less-direct ties to religious organizations have been declaring themselves church plans and asking the Internal Revenue Service to issue private-letter rulings confirming the exemptions, whi
7、ch free the plans from federal funding requirements. They can stop paying PBGC insurance premiums and can even receive a refund of up to six years of insurance premiums probably a total of about $200,000 in HCOs case. From 1997 to 2007, 85 pension plans received refunds from PBGC as a result of chur
8、ch plan rulings affecting thousands of workers, according to the Pension Rights Center, a non-profit advocacy group, which received the data from PBGC via a Freedom of Information Act request. The PRC says most of the employers were hospitals, but exemptions were also granted to universities, health
9、 clinics and Catholic and Jewish charities. The HCO church plan claim was based on its 1998 affiliation with Cathedral Healthcare System, a Catholic hospital system controlled by the Archdiocese of Newark. But HCO had been a freestanding non-profit hospital from its founding in 1873 up until the aff
10、iliation. “The key problem is that the IRS is using a standard that allows these affiliate organizations to become church plans when there is no economic substance to their relationship with churches,“ said James Keightley, a partner at the law firm Keightley & Ashner LLP and a former PBGC general c
11、ounsel. In 2004, HCO plan participants sued the hospital, the Archdiocese, the PBGC and the IRS. The lawsuit was dismissed the following year and a settlement was reached because no pension recipients had yet been harmed, and because the IRS stated that it would reconsider the matter. But the IRS di
12、dnt take action until last fall, when it made a tacit admission that it was wrong in the HCO case. In the future, the IRS said, church status would be granted only to pension plans that were first established as church plans and maintained as such continuously. This week, the comment period will clo
13、se on another closely watched church plan situation in New Jersey, St. Peters Healthcare System, a New Brunswick, New Jersey, hospital that is part of the Diocese of Metuchen, New Jersey. St. Peters applied to the IRS for a church-plan ruling in 2006. Its plan covers over 3,000 current and retired w
14、orkers. The pension plan was frozen in 2010, with new employees enrolled in a defined contribution retirement plan. St. Peters spokesman Phil Hartman notes that the hospital was created by an order of nuns and that it has considered itself to have offered a church plan since 2007. But he added that
15、St. Peters has operated to this point in compliance with ERISA, has made all the required PBGC insurance contributions ($2 million since 2006) and intends to continue doing so even if it receives a church plan private letter ruling from the IRS. “The main incentive for us was to get more flexibility
16、 in the timing and method of funding the pension plan,“ said Hartman. The IRS told Reuters in statement that “based on the changes made by, the Service believes that plans of organizations associated with a church or convention or association of churches, may in appropriate cases be church plans.“ P
17、BGC and the Archdiocese of Newark declined to comment. PRC hopes that the new notification requirements will prompt plan sponsors who had been seeking private letter rulings to drop their plans. Meanwhile, Mary Rich and other plan beneficiaries have been engaged in a nine-year battle to restore PBGC
18、 protection to their plan, and the latest temporary legal settlement expires at the end of this year. From Reuters, January 25, 2012 1 Mary Richs problem was that_. ( A) she had to work for a hospital for 25 years ( B) she would not receive the benefit at retirement ( C) she had to begin as a regist
19、ered nurse and later as an executive ( D) her former employer was in financial trouble 2 Normally, most plan participants in HCO would receive 100 percent of promised benefits from_after it closed down. ( A) churches ( B) the government ( C) PBGC ( D) HCO 3 Why have many plan sponsors declared thems
20、elves church plans even if they have no direct ties to religious organizations? ( A) Because they believe in religious organizations. ( B) Because they can receive financial aid from churches. ( C) Because they want to help more people. ( D) Because they can save a lot of money. 4 What was the IRSs
21、decision after the HCOs case? ( A) It would reconsider the matter. ( B) It would not switch pension plans to church plans. ( C) It would pay the plan participants. ( D) It would count the number of church plans throughout the country. 4 Sign language, hip-hop and Maori are just some of the diverse w
22、ays in which all of Shakespeares plays will be performed at Londons Globe Theatre as part of 2012s Cultural Olympiad. The theatres artistic director Dominic Dromgoole described Globe to Globe as both “bizarre and exciting“. He said it will be the first time a full Shakespeare play is performed in Br
23、itish Sign Language for an audience of both deaf and hearing people. Each play is in a different language. Globe to Globe, which is produced by the theatre, is part of the World Shakespeare Festival (WSF), which will include thousands of global performers in 70 shows as well as a British Museum exhi
24、bition. The WSF is part of London 2012 Festival, which is organised by the Cultural Olympiad a cultural celebration for next years Olympics. Dromgoole spoke at the launch of Globe to Globe of the “overwhelming enthusiasm from the international community to come here“. He said the Globe, on the banks
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