ARPA Funding Relief for Single Employer Defined Benefit Pension Plans
By EsqSocial Corporation 21/05/21
On March 11, 2021 President Biden signed the American Rescue Plan Act (Public Law 117-2) ("ARPA"). Among its many provisions, the statute contains "funding relief" for single employer defined benefit pension plans. This relief was achieved by amending Internal Revenue Code section 430 to: (1) extend the period for amortizing unfunded liability from 7 years to 15 years (Code ยง430(c)(8)); and (2) extend prior law interest rate relief (i.e., determining the discount rate used to calculate plan...
By: Foley & Lardner LLP