Topic: COVID-19

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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ISS and Glass Lewis Present Guidance for Corporate Governance During COVID-19

Public companies and their boards can look to the recently released guidance of ISS and Glass ‎Lewis when considering best therapies to address corporate governance and broader ‎environmental, social and governance issues. The prominent proxy advisors address, among ‎other things, issues affecting annual general meetings, board composition, and executive ‎compensation. This post highlights the executive compensation considerations.‎

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Governance Issues for Retirement Plan Sponsors Due to “Opt-Out” Amendments

On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act”, into law.  We discussed the employee benefit plan provisions included in the CARES Act in our Quick Study published last week, which can be found here.  For sponsors of defined contribution plans, these provisions include: coronavirus-related distributions, which are a new form of distribution, relaxed loan provisions, and suspension of 2020 required minimum distributions (a brief summary of these provisions is provided in the second part of this blog post).

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