irs – CORPaTH

After 4 Weeks, How the Government Shutdown Is Affecting Retirement Plans

Source: Pension Policy International On Tuesday, Day 28 of the government shutdown, federal agencies and departments were unable to make important updates that, if delayed much longer, could affect retirement plans and their participants. The Internal Revenue Service, for example, operated as normal in the early days of the shutdown, but eventually needed to furlough employees and to further reduce operations as the government closure dragged on. As it stands now, the agency is unable to publish critical information that [...]

PBGC and IRS Issue Guidance on Special Financial Assistance for Financially Troubled Multiemployer DB Pension Plans; Comments Requested

Source: IFEBP The Pension Benefit Guaranty Corporation (PBGC) and Internal Revenue Service (IRS) issued guidance on Special Financial Assistance (SFA) for financially troubled multiemployer defined benefit (DB) pension plans. PBGC issued an interim final rule implementing a new SFA Program. The American Rescue Plan Act of 2021 (ARPA) — passed by Congress and signed by President Biden on March 11, 2021 — contains provisions to provide an estimated $94 billion in assistance to eligible plans that are severely underfunded. Additionally, it assists [...]