Photo of Rebecca C. Davenport

Many plan administrators and participants have struggled with how to satisfy certain qualified plan spousal consent rules while social distancing guidelines have been in effect. The US Internal Revenue Service (IRS) provided much-needed relief on that topic in Notice 2020-42, published on June 3, 2020 (the Notice).

By way of background, IRS regulations require

On March 27, 2020, President Trump signed the largest economic stimulus bill in US history: the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act provides resources to support our health care system in the fight against the COVID-19 pandemic, cash and other forms of relief for individual citizen; loans and other assistance to small businesses; and assistance for certain hard-hit industries. Many of the changes affect or have implications for employee benefit programs and other aspects of employee compensation. In our blog entry from March 27, we provided a high level summary of the legislation as it affects executive compensation, retirement and health and welfare plans, and employment taxes. In the first of a series, we look at the provisions affecting health and welfare plans in more depth.

Continue Reading CARES ACT – Changes for Health and Welfare Plans