COVID-19

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The Internal Revenue Service (IRS) issued helpful guidance to plan sponsors of safe harbor 401(k) plans that are considering reducing or suspending safe harbor employer matching contributions or safe harbor nonelective contributions as a result of the COVID-19 pandemic.  As explained below, IRS Notice 2020-52 provides temporary relief from certain…

The Departments of Labor, Health and Human Services, and the Treasury jointly released additional frequently asked questions (“FAQs”) regarding implementation of the health coverage provisions of the Families First Coronavirus Response Act (“FFCRA”); the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), and other health coverage issues related to…

The Internal Revenue Service (“IRS”) issued Notice 2020-51 which provides much needed guidance concerning the waiver of 2020 required minimum distributions (“RMDs”) under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”).  The Notice also includes transition relief for plan administrators regarding the change to the required beginning date…

Lori Basilico and Phil Bush review IRS Notice 2020-50 which provides helpful guidance for plan sponsors and plan participants who wish to take advantage of the enhanced distribution and loan provisions under the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

The Quickstudy is titled “IRS Issues Helpful…

As we discussed in our recent article, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) temporarily increases the permissible loan amount for loans taken by qualified individuals between March 27, 2020 and September 22, 2020 and suspends loan repayments due beginning on March 27, 2020 through December…

The IRS addressed Frequently Asked Questions (“FAQs”) this week on the new coronavirus-related distribution (“CRD”) available from eligible retirement plans added by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).

As background, the CARES Act allows certain retirement plans to provide a special in-service distribution option in…

This article provides practical guidance regarding how plan sponsors and fiduciaries should address delays in remitting participant salary deferral contributions and plan loan payments to their defined contribution plans resulting from the coronavirus (also known as ‎COVID-19). For more information on legal issues relating to the coronavirus, see Coronavirus ‎‎(COVID-19)…