IRS Guidance on Coronavirus-Related Distributions and Plan Loans

BRYAN J. CARD, August 27, 2020  On June 19, 2020, the Internal Revenue Service (IRS) issued Notice 2020-50 (the “Notice”), which provided much needed guidance on Section 2202 of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). Section 2202 of the CARES Act provides economic relief to certain individuals who have been […]

IRS Issues Coronavirus-Related FAQs for Retirement Plans and IRAs

ADRINE ADJEMIAN and ROBERT R. GOWER, June 8, 2020    On May 4, 2020, the Internal Revenue Service (IRS) issued a limited set of FAQs providing administrative guidance addressing the special “coronavirus-related distribution” (CRD) and plan loan provisions under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). As anticipated, the guidance draws […]

The DOL Provides Limited Relief to Retirement Plans and Their Fiduciaries in Dealing with the COVID-19 Pandemic

RON ASSADI and NICHOLAS J. WHITE, May 18, 2020    In response to the COVID-19 pandemic (the “Pandemic”), on April 28, 2020, the Employee Benefits Security Administration (EBSA) issued Disaster Relief Notice 2020-01 (the “Notice”). The Notice addresses the following issues as impacted by the Pandemic: (i) deadlines for providing participant disclosures and notices; (ii) […]

COBRA, HIPAA Special Enrollment, Claims and Appeals, and ERISA Notice Related Deadlines Extended

ELIZABETH LOH, May 7, 2020 On April 28, 2020, the Department of Labor (DOL), the Department of the Treasury (“Treasury Department”), and the Internal Revenue Service (IRS), issued several pieces of guidance providing relief to plan participants, COBRA-qualified beneficiaries, claimants, and plan sponsors who are impacted by the COVID-19 pandemic. This guidance includes the following: […]

IRS Notice 2020-23 Extends Deadlines for Employee Benefit Plans

JENNIFER D. TRUONG, May 7, 2020   Under IRS Notice 2020-23, the Internal Revenue Service (IRS) has provided additional relief due to the coronavirus pandemic by extending the deadlines for the time-sensitive actions set forth in Revenue Procedure 2018-58.1 Specifically, the Notice extends the deadlines for filings and other actions that would otherwise be due on […]

The IRS Extends Retirement Plan Payment and Filing Deadlines

CATHERINE L. REAGAN and KEVIN E. NOLT, April, 2020   (Updated May 1, 2020) In response to the coronavirus pandemic, on April 10, 2020 the Internal Revenue Service (IRS) issued Notice 2020-23, extending the deadlines for the time-sensitive actions set forth in Revenue Procedure 2018-58 to July 15, 2020.1  These extensions apply to certain retirement plan […]

COVID-19 — Health and Welfare Provisions in the CARES Act

MARY E. POWELL and LINDSAY R. DOCTO, April, 2020    The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law on March 27, 2020. The CARES Act makes emergency supplemental appropriations and other changes to law to help the U.S. respond to the COVID-19 pandemic. This article discusses: (1) the […]

Impact of the Historic Coronavirus Aid, Relief and Economic Security Act on Retirement Plans — and Action Items for Plan Sponsors

T. KATURI KAYE and BRYAN J. CARD, March, 2020    On March 27, 2020, the United Sates Congress passed the historic Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), the largest rescue bill to date, which provides economic relief to individuals, businesses, local and state governments, and health care systems financially impacted by […]

Health and Welfare Plans — Guidance for Employers Navigating Challenges of the COVID-19 Pandemic

MARY E. POWELL and LINDSAY R. DOCTO, March, 2020    Due to the urgent crisis the United States is facing because of the COVID-19 pandemic, the President has declared a national emergency, as well as declaring major disasters in California, Washington, New York, Iowa, Louisi­ana, Texas and Florida. Federal and state governments have passed legislation and […]