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week ending May 8th, 2020
The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted on March 27, provides for special distribution options and rollover rules for retirement plans and individual retirement accounts (IRAs) and expands permissible loans from certain retirement plans. The legislation also allows retirement plan and IRA participants to waive required minimum distributions (RMDs). The Department of Labor (DOL) has also relaxed certain deadlines because of the COVID-19 pandemic. PLANSPONSOR has received questions from readers indicating that clarification was needed for certain provisions of the CARES Act. The IRS recently published a Q&A offering some clarification. In addition, PLANSPONSOR is pleased to announce a new weekly series, COVID-19 Compliance Corner, in which a prominent Employee Retirement Income Security Act (ERISA) attorney will explain legislative provisions and agency guidance. Look for that starting Monday. Meanwhile, we hope you find this edition of PLANSPONSOR Weekend helpful.
Editor's Choice
Compliance
DOL Provides Relief for Certain Retirement Plan Requirements
Relief is provided for verification requirements for loans and distributions and timing for forwarding contributions and loan repayments, among other things.
Compliance
Electronic Letter Ruling Requests Permitted by IRS
Instituted in response to the coronavirus pandemic, the dual paper and electronic filing policy will remain in effect until the revenue procedure is modified or superseded.
Compliance
Regulators Extend Time Frames for Special and COBRA Health Plan Enrollment
Extended time limits disregard the period from March 1 until 60 days after the announced end of the national emergency or such other date announced by the agencies in a future notice.
Compliance
PBGC Extends Certain Premium Payment and Filing Deadlines
The action is in response to an IRS extension of some retirement plans’ Form 5500 filing deadlines.
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.
Popular Reads
Compliance
Supreme Court Decision in Thole v. U.S. Bank Has Major Implications for Pensions
The ruling effectively establishes that individual pension plan participants cannot sue their employer for a fiduciary breach if their own benefit has not been cut or otherwise altered.
Compliance
Heroes Act Now In the Hands of a Skeptical Senate
The Heroes Act, passed by a narrow majority in the House, includes union pension partition relief and a waiver for the reinvestment of 2019 and 2020 RMDs.
Compliance
Court Finds Plan Sponsor Could Be Found Liable for Retirement Plan Cyberfraud
The plan sponsor had sued plan providers, but the providers in a counterclaim said the plan sponsor was equally liable.
Products
BlackRock Creates Retirement Paycheck
Two insurers have joined the effort to make lifetime income available in a simplified manner.
Compliance
Plan Sponsor, Provider Sued for Adding Untested CITs to 401(k)
The 92-page complaint includes a number of other allegations, including that the plan sponsor was motivated by its relationship with the provider for its defined benefit plans.
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