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

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."

Other COVID-19 Coverage:

• The IRS Provides More Flexibility for Cafeteria Plans
• Wealth Transfer Planning During the COVID-19 Crisis
• Paycheck Protection Program Flexibility Act of 2020
• The Good Faith Necessity Certification Requirement under the CARES Act and Paycheck Protection Program: A Borrower's Update
• How To Get Your Paycheck Protection Program Loan Forgiven: An FAQ Guide for Small Businesses and Self-Employed Individuals
• Are COVID-19 Business Losses Covered By Insurance?
• CARES Act: Small Business Loans
• We've Got Your Six (Reasons for Paid Sick Leave Under the FFCRA) Covered.
• CARES Act Provides Early Access to Retirement Funds and Other Retirement Plan Relief
• DOL Provides Limited Guidance on New Families First Coronavirus Response Act
• A Summary of the Family First Coronavirus Response Act for Employers and Employees
• Leave Policy Review: Coronavirus (COVID-19)