The IRS has extended the deadline for amending many defined benefits pension plans under Internal Revenue Code Section 436. Section 436 was added by the Pension Protection Act of 2006 (“PPA”) and provides a series of limitations on the accrual and payment of benefits under an underfunded plan. (For more information, see Your Defined Benefit Pension Plan May Need Amending Prior to December 31, 2012.) At the end of November, the IRS extended the deadline for this amendment to the last day of the first plan year that begins on or after January 1, 2013. For more information, see IRS Notice 2012-70.
