Funding and AFTAP Relief for Hurricane Harvey and Hurricane Irma

In IRS Notice 2017-49, the IRS issued additional relief for defined benefit plans affected by Hurricane Harvey and Hurricane Irma.  If a plan qualifies the minimum funding deadline and the AFTAP deadline is extended to January 31, 2018.  To qualify a plan, must be an Affected Plan in an Affected Area.

An Affected Area is a county or other area that FEMA designates eligible for individual assistance in connection with Hurricane Harvey or Hurricane Irma.

To be an Affected Plan, one or more of the following must be located in an Affected Area:

  • For single employer plans, principal place of business of the employer
  • Principal place of business for the employers who employees at least 50% of the active participants
  • Officer of the plan or plan administrator
  • Office of the primary record keeper
  • Office of the enrolled actuary

If a plan qualifies an Affected Plan, the minimum funding and quarterly funding deadlines are extended to January 31, 2018.  Additionally, the AFTAP deadline and AFTAP election deadlines are moved to January 31, 2018.

This is in addition to the other relief provided by the IRS and PBGC.