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CARES Act Provides Funding Relief for Single-Employer Defined Benefit Pension Plans

October 20, 2020

Kathy D. Aslinger, Esq. contributed to Westminster Consulting's Confero Issue 32 about Defined Benefit Pension Plans. "COVID-19 has undoubtedly brought challenges to individuals and businesses alike, as countries all over the world grapple with sickness, death, lockdowns, business closures, financial instability, and loss. In March, Congress passed the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, providing aid and financial relief for individuals and businesses, including funding relief for sponsors of single-employer defined benefit pension plans. This relief came in the form of a delayed funding deadline and flexibility in determining a plan’s adjusted funding target attainment percentage (“AFTAP”) for a plan year that includes 2020."

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