Multiemployer Pension Plans Gain Breathing Room in IRS Guidance

Oct. 12, 2021, 4:58 PM

Sponsors of multiemployer defined benefit pensions can delay designating a plan as being endangered under a notice issued Tuesday by the Internal Revenue Service.

Notice 2021-57 provides guidance for sponsors of multiemployer defined benefit pension plans on elections under sections 9701 and 9702 of the American Rescue Plan Act of 2021, and the relief provided under section 9703 of the same law, relating to sections 431 and 432 of the Internal Revenue Code. Those provisions permit plan sponsors to:

  • Elect to delay designating a plan as being in endangered, critical, or critical and declining status under section 432(b)(3), or to ...

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