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Mercer Urges Immediate Funding Relief for DB Plan Sponsors (PDF)
Mercer
[Opinion] Mar. 24, 2020 "[We] suggest Congress take immediate action to: [1] Extend the due date for all required pension contributions -- including quarterly payments due as soon as April 15 -- that would otherwise be due during calendar year 2020, until at least the end of the year. [2] Suspend the requirement that certain plans' adjusted funding target attainment percentage (AFTAP) drop by 10% on the first day of the fourth month (April 1 for calendar year plans). [3] Extend the deadline for certain administrative tasks, such as preparing a PBGC 4010 filing (April 15 for employers with calendar-year fiscal years) and mailing the Annual Funding Notice to all participants (April 29 for calendar-year plans)." |
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