The IRS recently issued Notice 2021-48
, which provides guidance on the changes to the funding rules for single-employer defined benefit pension plans under Section 430 that were made by the American Rescue Plan Act of 2021. These changes also affect the application of the funding-based limits on benefits under Section 436.
Note: the bipartisan infrastructure bill that recently passed the Senate would further extend and modify the pension provisions provided in the American Rescue Plan Act of 2021. See our previous story
for a full discussion of the infrastructure package.
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