President Joseph Biden signed the Infrastructure Investment and
Jobs Act (IIJA) into law on November 15, 2021. The IIJA will
provide funding to overhaul the country's physical
infrastructure and will serve to give the nation's roads and
bridges a much-needed facelift, but squirreled away in the
legislation are tweaks that will give defined benefit plans a bit
of a nip and tuck too. The new law also provides further relief for
taxpayers facing filing deadlines after a disaster and updates the
list of such disasters to include wildfires.
The IIJA extends the interest rate stabilization period to
"smooth" interest rates used in determining a defined
benefit plan's minimum funding requirement. The interest rate
stabilization period had been adjusted under the Moving Ahead for
Progress in the 21st Century Act (MAP-21), and had
already been extended earlier this year under the American Rescue
Plan (ARPA). By way of background, Internal Revenue Code (Code)
section
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