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Innovation broadly impacts a board's fundamental responsibilities, including long-term planning, corporate strategy, people and culture, executivecompensation, investments, and acquisitions. Achieving a balance between innovation for long-term economic growth and the organization's purpose is a corporate governance issue.
Plan sponsors can make a retroactive election to amortize over the extended period for plan years beginning after December 31, 2018, 2019, and 2020. First, for plan years beginning in 2022, the amortization period for underfunded plans is extended to 15 years, rather than seven as previous allowed.
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