The IRS addressed Frequently Asked Questions (“FAQs”) this week on the new coronavirus-related distribution (“CRD”) available from eligible retirement plans added by the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
Read MoreThis article provides practical guidance regarding how plan sponsors and fiduciaries should address delays in remitting participant salary deferral contributions and plan loan payments to their defined contribution plans resulting from the coronavirus (also known as COVID-19).
Read MoreIn addition to the relief detailed in our recent article on EBSA Disaster Relief Notice 2020-01, the U.S. Department of Labor (DOL) in Notice 2020-01 extended a number deadlines for furnishing required notices or disclosures to plan participants, beneficiaries, and other persons.
Read MoreOn April 28, 2020 the Employee Benefits Security Administration, U.S. Department of Labor, Internal Revenue Service, and Treasury Department published joint guidance extending certain important deadlines that are otherwise applicable to employee benefit plans.
Read MoreIn 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.
Read MoreThe 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”).
Read MorePublic 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.
Read MoreThe Coronavirus Aid, Relief and Economic Security Act (CARES Act), which was signed into law by President Trump on March 27, 2020, authorizes more than $2 trillion of economic relief for individuals, businesses and industries impacted by the COVID-19 pandemic.
Read MoreOn 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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