House Passes COVID-19 Bill With Zero GOP Votes – PJ Media pjmedia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pjmedia.com Daily Mail and Mail on Sunday newspapers.
New COVID-19 Stimulus Bill Includes Significant Pension Reforms and Expands Scope of 162(m) Compensation Deduction Limit Wednesday, March 10, 2021
Today, the House of Representatives passed the $1.9 trillion American Rescue Plan Act of 2021 (the “ARPA”). The ARPA has already been approved by the Senate and is expected to be quickly signed into law by President Biden. This client alert addresses Title IX, Subtitle H of the new legislation, which includes significant pension reforms for multiemployer and single-employer pension plans, and expands the number of covered employees for the limitation on the deductibility of executive compensation under Section 162(m) of the Tax Code.
American Rescue Plan Act amendment from Chuck Schumer removes cost-of-living adjustment freeze.
The American Retirement Association (ARA) has successfully lobbied to have a provision removed from the latest COVID-19 relief bill that would have frozen the annual cost-of-living adjustments (COLAs) for overall contributions to defined contribution (DC) plans and for the maximum annual benefit under a defined benefit (DB) plan, effective for calendar years beginning after 2030.
A substitute amendment to the $1.9 trillion American Rescue Plan Act of 2021, submitted by Senate Majority Leader Chuck Schumer, D-New York, removed the COLA freeze limit from the bill (H.R. 1319). The bill without the COLA freeze was passed by the Senate on Saturday.
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Albeit typically a matter for Congress, tapped Secretary of Labor Marty Walsh is prepared to utilize his labor experience to address the growing concern regarding the uptick in.