IRS Asks for Pension Plan Rule Feedback
Published Date: 3/18/2025
Notice
Summary
The IRS wants your thoughts on rules that help multiemployer pension plans get funding relief thanks to the American Rescue Plan Act of 2021. This affects businesses and nonprofits managing these pension plans, with no new paperwork changes but a chance to comment by May 19, 2025. It’s all about making sure these plans stay strong while keeping paperwork manageable.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Funding relief guidance for multiemployer pensions
The IRS is seeking comments on guidance that implements elective funding relief for multiemployer defined benefit pension plans under the American Rescue Plan Act of 2021 (sections 9701, 9702, and 9703). The guidance relates to Internal Revenue Code sections 431 and 432, affects sponsors of these plans (businesses and not-for-profits), and the notice estimates 937 respondents, 58 minutes per respondent, and 896 total annual burden hours. Comments are requested by May 19, 2025, and the notice states there are no changes to the previously approved paperwork burden (OMB control number 1545-2300).
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