Government Announces 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)

Coronavirus resources

Obesity: America's COVID-19 Achilles Heel

Helping Employees with Financial Insecurity

COVID-19: FAQs for Employee Benefits Groups

Commercial Property - Building Vacancy Advisory

Risk Management Issues in the Trucking Industry

Keeping Truck Drivers Healthy and Safe During the COVID-19 Pandemic

Assessing and Navigating Declines in Pension Assets in the Wake of COVID-19

Preparing for and Handling a Property Loss During COVID-19

Coronavirus Advisory: Cybersecurity Measures

Retirement Relief Provisions of the CARES Act

HR Strategy: Crisis Preparedness Plans

COVID-19: Families First Coronavirus Response Act (FFCRA)

Beware of Coronavirus (COVID-19) Scams

There's a lot going on at McGriff

View our newsletters, white papers, webinars and more.

Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of Truist Insurance Holdings, Inc., 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.

McGriff Insurance Services, Inc. CA License #0C64544.