As discussed in our prior blog post, the IRS previously extended the deadline to adopt most plan amendments relating to the Setting Every Community Up for Retirement Act of 2019 (“Secure Act”), the Bipartisan American Miners...more
Federal regulators recently released FAQs providing that health plans are now required to cover over-the-counter (OTC) COVID-19 tests for all participants through the remaining duration of the pandemic, without requiring an...more
On June 19, 2020, the Internal Revenue Service (“IRS”) released guidance (Notice 2020-50) clarifying many aspects of the retirement plan withdrawal and loan relief provisions of the Coronavirus Aid, Relief, and Economic...more
The IRS has issued eagerly anticipated pre-guidance clarifying certain aspects of the CARES Act’s withdrawal and loan relief provision applicable to retirement plans (the “New FAQs”). This article expands on our prior...more
The $2.2 trillion stimulus bill (the “CARES Act”) signed into law March 27, 2020, contains important provisions that affect tax-qualified retirement plans. We have previously posted a summary of the emergency in-service...more
Emergency Withdrawals. Participants in defined contribution plans (profit sharing, 401(k), and 403(b) plans) could access their retirement savings now if plans are amended to allow coronavirus-related withdrawals....more