Seyfarth Synopsis: After the Senate failed to secure the needed votes for a comprehensive coronavirus rescue package over the prior weekend, on Friday, Congress finally passed a $2 trillion package (the “CARES Act”) amidst classic drama between Republicans and Democrats in both houses. The President signed the legislation into law shortly thereafter. This blog post
CARES Act Relief: Defined Benefit Plans Not Left Out!
Seyfarth Synopsis: On Friday, March 27, 2020, in light of the far-reaching impact of coronavirus, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes some relief provisions for tax-qualified defined benefit pension plans. Click here to review the executive compensation provision contained in the law; click here to review the
401(k) and 403(b) Hardship Distributions and COVID-19 Declared Disaster Areas
Updated March 28, 2020: Under the IRS safe harbor reason for a hardship related to FEMA, a hardship is available for expenses and losses for employees living or working in affected area at the time of a disaster designated by FEMA for individual assistance with respect to the disaster. It is not clear that FEMA
Feeling Left Out, Senate Proposes ANOTHER Bill–CARES Act–Mandating COVID-19 Testing
Seyfarth Synopsis: On March 19, Senator McConnell introduced the Coronavirus Aid, Relief, and Economic Security (CARES) Act. While the Act largely focuses on economic relief for businesses and individuals, it did contain certain provision impacting benefit plans (for more on the potential impact for retirement plans, click here). Notably, the CARES Act replicates and
Coronavirus Update – Senate CARES and Considers Proposed Relief for Retirement Plan Participants
Seyfarth Synopsis: As we have been raising in our series of blog posts and Legal Updates, the impact of the coronavirus is far-reaching, and there are a number of concerns relating to employer-sponsored retirement plans to keep in mind as we navigate this unprecedented situation. One such concern is retirement plan-related disaster relief. Yesterday, Senate
Upcoming Webinar! Employee Benefits in a Time of COVID-19
On Monday, March 23, at 1:00 p.m. Central, Seyfarth partners Diane Dygert, Benjamin Conley, Jennifer Kraft, Kaley Ventura, Jake Downing, and Christina Cerasale are presenting a 1 hour CLE webinar, “Employee Benefits in a Time of COVID-19.”
Keep up with the latest developments and rapidly changing laws and regulations relating to COVID-19 and your benefit
Apparently All it Takes to Get Congress to Agree on Something is a Global Pandemic
Seyfarth Synopsis: On Wednesday afternoon, the Senate voted 90-8 to approve HR 6201 without changes. The law generally takes effect no later than 15 days after HR 6201 is signed (expected soon) and would sunset on December 31, 2020.
In somewhat of a surprise move, the Senate voted overwhelmingly to adopt HR 6201 (described here
House Passes Technical Corrections to COVID-19 Relief Bill – One Small Word Creates Many Big Questions
Seyfarth Synopsis: Late Monday night, the House passed a technical corrections package to HR 6201. While most of the changes related to the Bill’s paid sick leave, unemployment insurance and tax credits provisions (click here for a summary of those changes), there was one small change to the health insurance section: The package clarified that
In a Rare Move – House and White House Agree on Initial Coronavirus Relief
Seyfarth Synopsis: Late Friday evening, the House of Representatives overwhelmingly passed a bill (HR 6201) targeted to provide relief for individuals impacted by the spread of SARS-CoV-2, the coronavirus that causes COVID-19. The bill addresses paid sick leave and the expansion of FMLA. This post, however, is aimed at the provisions applicable to employers’ medical
Coronavirus Update – Impact on Employee Benefit Plan Deadlines
Seyfarth Synopsis: The SARS CoV-2 virus (“coronavirus”) has been declared a global pandemic by the World Health Organization. It’s fair to say that none of us have ever experienced a pandemic, or at least not on this level. So how this outbreak will impact our daily lives is yet to be fully understood, and is