The deadline for single-employer defined benefit plan contributions has been extended.
November 19, 2020
In Notice 2020-82, the IRS said that it will treat as timely a contribution to those pension plans that have a Jan. 1 due date, if it’s made no later than Jan. 4, 2021. An employer that sponsors such a plan must satisfy the minimum funding standard for each plan year. For most single-employer plans, the minimum standard is satisfied for a plan year if the employer makes the minimum required contribution, as determined under the tax code for that plan year. Contact us if you need help.