Topic: COVID-19

IRS Issues Guidance on Waiver of 2020 Required Minimum Distribution

The Internal Revenue Service (“IRS”) issued Notice 2020-51 which provides much needed guidance concerning the waiver of 2020 required minimum distributions (“RMDs”) under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”).  The Notice also includes transition relief for plan administrators regarding the change to the required beginning date for RMDs under the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”).

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Locke Lord QuickStudy: New ERISA Safe Harbor Expands Opportunities for Electronic Disclosure of Retirement Plan Information

On May 21, 2020, the U.S. Department of Labor (“DOL”) announced a new safe harbor rule that will allow plan sponsors, by default, to post retirement plan disclosures online or deliver them to participants by email in satisfaction of their duties under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

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Form 5500 Filing Relief for Certain Employee Benefit Plans

In response to the COVID-19 pandemic, the IRS has automatically extended the deadline for ‎certain ‎retirement and welfare plans to file Form 5500. IRS Notice 2020-23 provides that tax ‎returns, including Forms 5500, that are required to be filed on or after April 1, 2020 and before ‎July 14, 2020 are automatically extended to July 15, 2020. ‎

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FAQs Provide Guidance on COVID-19 Testing and Diagnosis Requirements Affecting Employer Health Plans

The Departments of Labor, Health and Human Services and Treasury (collectively, the ‎‎“Departments”) jointly issued FAQ guidance regarding implementation of the health coverage ‎provisions under the Families First Coronavirus Response Act (“FFCRA”) and the Coronavirus ‎Aid, Relief and Economic Security Act (“CARES Act”).‎

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