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ARPA Includes Butch Lewis Emergency Pension Plan Relief Act

Tuesday, March 16, 2021 We had pondered when this day would come. The doomsday scenario that the Pension Benefit Guaranty Corporation (PBGC) would become insolvent in five to six years is now old history. (The new estimated time of PBGC insolvency is the mid-2040s.) Plan participants, the plans, employers, unions, and the PBGC had all been patiently waiting for relief and they have apparently been rewarded with the relief they were seeking. The American Rescue Plan Act of 2021, signed by President Joe Biden on March 11, 2021, included the Butch Lewis Emergency Pension Plan Relief Act of 2021 (Pension Relief Act), which will provide special financial assistance, in a single lump-sum payment, to certain underfunded multiemployer defined benefit pension plans. The payment will, in theory, pay for all accrued benefits owed to retirees, without reduction, through the plan year ending in 2051, without any obligation to repay such funds. The Congressional Budget Office (CBO)

United statesUs senateUs department of the treasuryCongressional budget officePension benefit guaranty corporationAmerican rescue plan actPresident joe bidenPension relief actPension reliefMultiemployer pension plansFunding zoneFunding improvementFinancial assistanceSeverely underfunded multiemployer pensionMultiemployer pension reform actSpecial financial

Seriously Underfunded Multiemployer Defined Benefit Pension Plans - Relief Finally Arrives | Ogletree, Deakins, Nash, Smoak & Stewart, P C

Seriously Underfunded Multiemployer Defined Benefit Pension Plans - Relief Finally Arrives | Ogletree, Deakins, Nash, Smoak & Stewart, P C
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United statesSmoak stewartUs senateUs department of the treasuryCongressional budget officePension benefit guaranty corporationAmerican rescue plan actPresident joe bidenPension relief actPension reliefMultiemployer pension plansFunding zoneFunding improvementFinancial assistanceSeverely underfunded multiemployer pensionMultiemployer pension reform act

New COVID-19 Stimulus Bill Includes Significant Pension Reforms and Expands Scope of 162(m) Compensation Deduction Limit | Proskauer Rose LLP

To embed, copy and paste the code into your website or blog: Today, the House of Representatives passed the $1.9 trillion American Rescue Plan Act of 2021 (the “ARPA”). The ARPA has already been approved by the Senate and is expected to be quickly signed into law by President Biden. This client alert addresses Title IX, Subtitle H of the new legislation, which includes significant pension reforms for multiemployer and single-employer pension plans, and expands the number of covered employees for the limitation on the deductibility of executive compensation under Section 162(m) of the Tax Code. Multiemployer Pension Reforms Background The multiemployer pension system in the United States is currently in crisis, with over 100 multiemployer pension plans, covering more than one million participants in total, projected to become insolvent within the next 10 to 20 years. The largest and most significant of these plans, the Central States, Southeast and Southwest Areas Pension Fund

United statesProskauer roseCommittee on solvency of multiemployer pensionAreas pension fundCommunity newspaperSetting every community up for retirement enhancementPension benefit guaranty corporationAmerican rescue plan actFinancial assistanceSeverely underfunded multiemployerCentral statesSouthwest areas pension fundJoint select committeeMultiemployer pension plansMultiemployer pension reform actSpecial financial

Struggling Multiemployer Pension Plans Receive a Lifeline Under the American Rescue Plan Act of 2021 | Perkins Coie

Struggling Multiemployer Pension Plans Receive a Lifeline Under the American Rescue Plan Act of 2021 | Perkins Coie
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United statesPerkins coieUs department of the treasuryCongressional joint select committeePension benefit guaranty corporationMultiemployer pension plansAmerican rescue plan actFinancial assistance programFinancially troubled multiemployer plansSpecial financial assistanceReceiving special financialRepay financial assistanceEstablished underFunding status designationsFunding improvementRehabilitation periods

New COVID-19 Stimulus Bill Pension Reforms and Expands Scope of 162m Compensation Deduction Limit

New COVID-19 Stimulus Bill Includes Significant Pension Reforms and Expands Scope of 162(m) Compensation Deduction Limit Wednesday, March 10, 2021 Today, the House of Representatives passed the $1.9 trillion American Rescue Plan Act of 2021 (the “ARPA”). The ARPA has already been approved by the Senate and is expected to be quickly signed into law by President Biden. This client alert addresses Title IX, Subtitle H of the new legislation, which includes significant pension reforms for multiemployer and single-employer pension plans, and expands the number of covered employees for the limitation on the deductibility of executive compensation under Section 162(m) of the Tax Code.

United statesCommittee on solvency of multiemployer pensionAreas pension fundCommunity newspaperSetting every community up for retirement enhancementPension benefit guaranty corporationAmerican rescue plan actFinancial assistanceSeverely underfunded multiemployerCentral statesSouthwest areas pension fundJoint select committeeMultiemployer pension plansMultiemployer pension reform actSpecial financialEmployer withdrawal