PBGC updates guidance for IRS extension of CARES Act plan contribution due date | Wolters Kluwer Legal & Regulatory

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By Pension and Benefits Editorial Staff

The Pension Benefit Guaranty Corporation (PBGC) has revised its guidance related to the CARES Act extended contribution due date for defined benefit plans to incorporate the IRS’s extension of prior year contributions made by January 4, 2021 as provided in IRS Notice 2020-82.

The PBGC advises practitioners to review FAQs on Covid-19-related single-employer plan for sponsors and administrators that provide guidance related to missed contribution reporting requirements and Technical Update 20-2 that provides variable-rate premium relief for prior year contributions made after the premium filing date. The revised Technical Update also clarifies how such contributions are discounted.

Source: Technical Update 20-2.

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