IR-2021-148, IRS provides guidance for multiemployer retirement plans receiving assistance from the PBGC

IRS Newswire July 9, 2021
News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Around The Nation e-News Subscriptions The Newsroom Topics Multimedia Center Noticias en Español Radio PSAs Tax Scams The Tax Gap Fact Sheets IRS Tax Tips Armed Forces Latest News Home IRS Resources Compliance & Enforcement Contact My Local Office Filing Options Forms & Instructions Frequently Asked Questions News Taxpayer Advocate Where to File IRS Social Media	Issue Number:    IR-2021-148 Inside This Issue IRS provides guidance for multiemployer retirement plans receiving assistance from the PBGC IR-2021-148, July 9, 2021 WASHINGTON — The Internal Revenue Service today provided guidance for multiemployer qualified retirement plans that receive special financial assistance from the Pension Benefit Guaranty Corporation (PBGC) and for participants and beneficiaries in those plans.     Notice 2021-38 provides guidance under provisions of the American Rescue Plan Act of 2021 regarding special financial assistance paid by the PBGC to eligible multiemployer defined benefit pension plans that are financially at risk.   The notice provides direction for multiemployer plans, and specifically addresses three important areas regarding:   The reinstatement of previously suspended pension benefits, along with make-up payments, as a condition that eligible multiemployer plans must meet if they receive special financial assistance.   The individual income tax treatment of these make-up payments.   How a plan that receives special financial assistance must treat the plan's special financial assistance account for purposes of the minimum funding requirements for multiemployer defined benefit plans   PBGC guidance on the application process for special financial assistance can be found at www.PBGC.gov/arp-sfa   Back to Top         Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically from the mailing list IRS Newswire. Please Do Not Reply To This Message.

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