The Preservation of Access to Care for Medicare Beneficiaries and Pension Act of 2010 provided much-requested funding relief for single and multiple employer defined benefit pension plans. Generally, a defined benefit plan must establish a shortfall amortization base with respect to a plan year for which the value of a plan's assets is less than the amount of the plan's funding target. The period for amortization of a shortfall is seven years. Under the relief provisions of the act, a plan sponsor may elect, for certain plan years, to amortize the shortfall amortization base for the plan year under one of two alternative amortization schedules: the “2 plus 7-year” amortization schedule; or the “15-year” amortization schedule. In Notice 2011-3, the IRS provided general guidance describing the relief available. Sponsors of defined benefit plan could have elected relief for the 2008, 2009, or 2010 plan year or may elect relief for the 2011 plan year. Those plan sponsors electing relief should review with the plan’s actuary the impact of the guidance issued by the IRS to be certain that their funding relief is properly calculated.