Partial Plan Termination News Today

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To embed, copy and paste the code into your website or blog: On April 27, the Internal Revenue Service (“IRS”) issued informal guidance on partial plan terminations as part of the COVID-related tax relief provided under Consolidated Appropriations Act of 2021. The Relief Act was intended to provide a measure of relief for qualified plan sponsors that experienced layoffs due to COVID-19. The layoff of a significant number of employees could cause a plan to incur a partial plan termination. ...