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.
