The CARES (Coronavirus Aid, Relief and Economic Security) Act signed into law March 27 not only includes provisions related to defined contribution (DC) plans, but it also provides relief for defined benefit (DB) plan sponsors.
Blogs and client alerts from multiple law firms report that Section 3608 of the CARES Act provides a delay for minimum annual required contributions (ARCs) that would otherwise be due from single-employer DB plans during this calendar year.
The new due date for any such contribution is now January 1, 2021. Any contributions that are delayed are increased by interest for the period beginning on the original due date to the actual payment date.
