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

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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 Are ....

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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 States , Committee On Solvency Of Multiemployer Pension , Areas Pension Fund , Community Newspaper , Setting Every Community Up For Retirement Enhancement , Pension Benefit Guaranty Corporation , American Rescue Plan Act , Financial Assistance , Severely Underfunded Multiemployer , Central States , Southwest Areas Pension Fund , Joint Select Committee , Multiemployer Pension Plans , Multiemployer Pension Reform Act , Special Financial , Employer Withdrawal , Funding Zone , Funding Improvement , Funding Standard Account , Single Employer Pension , Extended Amortization Funding , Enhanced Interest Rate , Retirement Enhancement Act , Covered Employees Subject , Compensation Deduction , Tax Code ,