CARES Act Summary of Key Provisions Impacting 401(k) Retirement Plans

On March 27, 2020, the U.S. House of Representatives passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and the President signed the bill into law that same day. A guide including a summary of provisions contained in the CARES Act as well as subsequent guidance from the IRS that impacts 401(k) retirement plans is available on our Retirement Solutions Resource library, please note a valid email address is required to access the content. Below are some of the topics covered in our summary:

  • Relief impacting “Coronavirus-Related Distributions” for qualified participants;
  • Relief impacting plan loans to qualified participants;
  • Waiver of Required Minimum Distributions for calendar year 2020;
  • Layoffs possibly resulting in Partial Plan Terminations;
  • Employer contribution assistance under the Paycheck Protection Program (PPP);
  • Compensation considerations under the expanded paid leave policies;
  • Safe Harbor 401(k) Plan Modification or Suspension;
  • Final electronic disclosure rules; and
  • Expanded DOL authority to postpone filing deadlines.

If you have any questions, or if you would like more information, please contact us or visit our www.sdretirementsolutions.com for more information. 

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The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2020 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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