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Single Employer Defined Benefit Plan CARES Act Guidance Issued by IRS

IRS Notice 2020-61 was issued on August 6, 2020, and provides clarification on the relief the CARES Act provided to single employer defined benefit plans. The CARES Act extended the due date of all 2020 calendar year required pension plan contributions to January 1, 2021, and allows the use of the prior year AFTAP certification to avoid benefit restrictions. In this article, learn more about the effects of this Notice.

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This is published by Findley to provide general information about recent developments and current topics in employee benefits and HR. The information provided is a summary and should not be relied upon in lieu of the full text of a particular law, regulation, notice, opinion, legislative proposal or other pertinent information, and the advice of your legal counsel. Findley does not practice law or accounting, and this publication is not legal or tax advice. Legal issues should be discussed with your legal counsel.