The Senate approved on Wednesday a roughly $2 trillion economic stimulus package for affected companies and workers that also provides some temporary relief for retirement plan sponsors and participants.
Final approval is expected Friday in the House of Representatives, where House Speaker Nancy Pelosi said Wednesday she expected to debate the measure on the floor.
Defined benefit plan sponsors gained a one-year holiday from making their 2020 contributions, but did not get other measures sought, including delayed reporting or premium payments to the Pension Benefit Guaranty Corp. or longer periods for measuring plan liabilities. Defined contribution plan participants will get relief from rules on taking required minimum distributions and limits on hardship loans.
"It's positive that Congress recognized that this is a challenging time for plan sponsors. We hope that over time they will revisit it and provide more relief," said Michael P. Kreps, a principal at Groom Law Group in Washington.