Horizon Actuarial Services, LLC, and the Groom Law Group will be co-sponsoring a complimentary webinar on the American Rescue Plan Act of 2021 provisions for multiemployer pension plans. The webinar, which will address how recent law changes will impact multiemployer pension plans in general, will take place Tuesday, March 23 at 12:00PM EDT. A summary of the changes can also be found on Horizon’s website.
Tuesday, March 23, 2021 | 12:00 p.m. EDT
On March 11, 2021, President Biden signed a significant COVID-19 relief package – the American Rescue Plan Act of 2021 – into law. Included in this legislation are several provisions that provide temporary funding relief to multiemployer pension plans, as well as a significant amount of special financial assistance that is available to seriously underfunded plans. The temporary funding relief provisions are broadly available to multiemployer plans, and they allow additional time for plan sponsors to address the investment and other losses incurred in recent years. Significantly underfunded plans can demonstrate eligibility for the special financial assistance based on their funded position in 2020, 2021, or 2022. Initial applications for assistance are due by the end of 2025. Financial assistance will be paid to eligible plans as lump sums that do not need to be repaid, and is intended to keep plans solvent through 2051.
The panelists on this webinar will discuss the development and passage of the legislation, the key funding relief and financial assistance provisions, and the various aspects of the legislation that are not fully clear and may be open to multiple interpretations.
Important Note: You will receive an email from the Groom Law Group on the morning of March 23rd with the link to access the webinar.
- David Pazamickas – Horizon Actuarial
- Mariah Becker – NCCMP
- Michael Kreps – Groom Law Group
- Jason Russell – Segal Consulting
- Brigen Winters – Groom Law Group
If you have questions on how the law may impact your specific plan, please contact your Horizon Actuarial consultant.