We start with a provision that keeps multiemployer plans who did not have the foresight to designate their plans in bad shape from rushing for the increments.
Option number one for getting the bailout money is to have a multiemployer plan in Critical and Declining status. To avoid having 1,400 plans in Critical and Declining status all at once this provision seems to freeze a plan’s status to what was claimed for the plan year that began on or after March 1, 2019.
Here is the wording. Tell me if you see anything different.
Author(s): John Bury
Publication Date: 11 March 2021
Publication Site: Burypensions