Benefits alert: “Partial Plan Termination” relief for qualified 401(k), 401(a) defined contribution plans and defined benefit pension plans in the Consolidated Appropriations Act, 2021
In addition to annual funding for the federal government and provisions on economic stimulus necessitated by the COVID-19 pandemic, the Consolidated Appropriations Act, 2021, enacted on December 27, includes temporary relief from the minimum vesting standards tax rules for employer-sponsored retirement plans- both defined contribution and defined benefit pension plans.
Bret Linton, Vicki Mazzie, Vanessa Vaag