IRS Clarifies Partial Plan Termination Relief Under 2020 Legislation | Groom Law Group, Chartered
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. Section 209 of the Relief Act provided a temporary rule that may allow a plan to avoid triggering a ...
Source: jdsupra.com