Over the last couple of months, we have seen a flurry of
guidance impacting employee benefit plans. This issue
of Benefits Counselor highlights key legal
developments for employers and plan sponsors.
GENERAL DEVELOPMENTS
President Biden Signs American Rescue Plan Act
On March 11, 2021, President Biden signed into law the
latest COVID‑19 stimulus package, titled the American Rescue
Plan Act (ARPA). In addition to providing a third round of stimulus
checks for individuals, ARPA provides significant funding relief
for single employer and multiemployer pension plans, aims to
generate additional tax revenue through elimination of certain
deductions for executive compensation benefits and provides
additional welfare benefit relief for eligible individuals. The key
provisions of ARPA are summarized below:
