It's (Really) Infrastructure Week

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 21^st 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