Monday, April 26, 2021
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (“ARPA”). ARPA is the latest COVID-19-related stimulus legislation passed by Congress, but, unlike prior legislation, ARPA provides expansive funding rule changes and significant financial assistance to deeply underfunded multiemployer pension plans, including a one-time payment to certain plans from the Pension Benefit Guaranty Corporation (“PBGC”) without any repayment obligations.
ARPA’s provisions regarding multiemployer pension plans focus primarily on the plans themselves as well as their participants and beneficiaries. Nevertheless, employers who are contributing or who contemplate future contributions to a multiemployer pension plan (including those employers contemplating withdrawal) should all be cognizant of ARPA’s impact.
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On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (“ARPA”). ARPA is the latest COVID-19-related stimulus legislation passed by Congress, but, unlike prior legislation, ARPA provides expansive funding rule changes and significant financial assistance to deeply underfunded multiemployer pension plans, including a one-time payment to certain plans from the Pension Benefit Guaranty Corporation (“PBGC”) without any repayment obligations.
ARPA’s provisions regarding multiemployer pension plans focus primarily on the plans themselves as well as their participants and beneficiaries. Nevertheless, employers who are contributing or who contemplate future contributions to a multiemployer pension plan (including those employers contemplating withdrawal) should all be cognizant of ARPA’s impact.
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The U.S. Department of Labor DOL recently issued important guidance for retirement plan sponsors and fiduciaries on their obligations to find missing participants