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week ending April 3rd, 2020
The Coronavirus Aid, Relief and Economic Security (CARES) Act offers help for both retirement plan sponsors and participants during this trying economic time. Plan sponsors need to know all the details to be able to make the best decisions for themselves and their participants. The help offered by the CARES Act extends beyond retirement plans. In this edition of PLANSPONSOR Weekend, you’ll find informative articles to help you with decision making and administration. We will continue to update our news coverage with more details. All our coverage can be found on our Coronavirus News for Plan Sponsors web page.
Editor's Choice
Compliance
DB Plan Relief Included in the CARES Act
The bill provides a delay for minimum annual required contributions and relief for plans that may have benefit restrictions triggered due to a drop in funding levels.
Administration
Administrative Considerations for CARES Act Transactions
Plan sponsors need to understand the details and ask themselves certain questions to make sure they are complying with the new law.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
“Our firm sponsors both a 403(b) and 457(b) plan and have already begun to receive questions from employees regarding the hardship distribution (403(b)) and unforeseeable emergency distribution (457(b)) provisions in our retirement plans and whether they would be able to access their funds in such plans due to expenses related to the COVID-19 pandemic. Will such distributions be permissible?”
Compliance
Important Considerations Before Waiving RMDs
Taking required minimum distributions (RMDs) is about shifting to a taxable account, not necessarily about liquidating investments.
Benefits
Employers Can Offer More Student Loan Repayment Help to Employees
The CARES Act allows employers to contribute toward employees’ student loan debt tax-free to employees, and employees need guidance on what they can and should do about deferring payments.
Popular Reads
Research
2021 Recordkeeping Survey
Benefits
Giving Employees the Financial Wellness Help They Want
Offering an array of benefits—addressing both physical and financial wellness—and implementing personalized experiences will set employees up with what they need.
2020 Recordkeeping Survey
Data and Research
Factors That Can Cut the Cost of Fiduciary Liability Insurance
An Aon survey of insurers revealed risks they look for that affect insurability and pricing, but good governance practices have been a key factor for years.
Compliance
DOL Clears Up Timing for Lifetime Income Illustrations
The agency promised to issue a final rule ‘as soon as practicable’ and recognized transition time may be needed if the final rule significantly differs from its interim final rule.
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