Pension Relief Act Extends Amortization Periods for Single and Multiemployer Plan Funding

On June 25th, President Obama signed the “Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010.” The Act, which notably includes a temporary delay of the reduction in Medicare payments to doctors, also provides assistance to defined benefit plans by offering options designed to lower required annual contributions. The law provides options for relief for both single-employer and multiemployer plans, although there are strings attached. Please see the attached memo for further information.