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COVID Relief For Defined Benefit Plans

About the announcement

May 21, 2020

The COVID-19 pandemic creates challenges that are likely to hinder employers in discharging their obligations with respect to defined benefit pension programs. In response, the Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) have each recently issued guidance and relief related to requirements under their respective purviews. For plans subject to the Employee Retirement Income Security Act (ERISA), the key obligations and corresponding relief initiatives are summarized in this coronavirus announcement. 

Read the announcement (PDF)

Insurance products and services offered through McGriff Insurance Services, LLC, a subsidiary of TIH Insurance Holdings, LCC, are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.

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