DB Restatement deadline

is there any chance this deadline is going to get pushed back in light of the coronavirus?

I don't see why it would. 

1 hour ago, Riley Britton said:

I don't see why it would. 

You are kidding, right?

Whole freakin’ country is being shut down, how can they not?

Government folk think differently than most of us.  We shall see, huh?

It may be, although with so many people working from home now, who knows?  I guess we will have to wait and see. 

AICPA is expecting a relief announcement this week, and  from what I understand the IRS has indicated that they will be lenient with "for cause" penalty forgiveness in areas with no formal relief.  I know we have requested relief on the retirement side as well, but I'm not sure if they will address general tax relief and pension relief at the the same time. 

19 hours ago, Mike Preston said:

Government folk think differently than most of us.  We shall see, huh?

Quite true.  Yup, we shall see. 

ARA is requesting a 120 day extension of the deadline. I'd be surprised if it's not granted but who knows. As others have said  this is the government after all.

23 minutes ago, Lou S. said:

ARA is requesting a 120 day extension of the deadline. I'd be surprised if it's not granted but who knows. As others have said  this is the government after all.

an extension is a no brainer.  plans aren't even submitted anymore.  if for no other reason give people one less thing to worry about in these trying times. 

On 3/16/2020 at 8:20 PM, Mike Preston said:

You are kidding, right?

No. I am not. Too much fear and panic. Are you old enough to remember the swine flu?

I just deal in the facts of this event.  Lots of employers will be temporarily shuttered. Are you saying you can't see why they should based on what you think should happen or what is actually happening? 

My understanding is ABC and other lobbyist are working with Congress on relief.  They expect something to be passed before the Easter break.  They are talking about extending deadlines, as well as other interest rate and investment smoothing methods to lesson the funding impact on plan sponsors.  

Likely nothing in the next few days, but maybe in the next few weeks.

Considering that whole states are being closed down, it may be a moot point.  One the economy is dead, plan assets will be worthless. Who cares if the plan is qualified at that point?

Cue Mr. Blue Sky...

Has anyone heard any updated information about this? I saw that the CARES Act is supposed to address amendment deadlines, but I haven't seen anything yet that address the DB restatement deadline.

There we go:

https://www.irs.gov/retirement-plans/deadlines-extended-for-403b-plans-and-pre-approved-defined-benefit-plans