Businesses are dealing with the effects of the pandemic on retirement plans and pensions, executive compensation, and health and welfare benefits. Workforce management issues resulting in reduction in hours, furloughs, and severance situations have required unique approaches to termination, conversion or bridging of benefits.

Our Employee Benefits & Executive Compensation attorneys have been monitoring, advising

Seyfarth Synopsis: As Seyfarth has blogged about on multiple occasions [here and here], the CARES Act provides participants in tax-qualified retirement plans the opportunity to request distributions on a tax-favored basis by self-certifying that they have been adversely impacted by COVID-19. Seyfarth has also blogged about the IRS’s recent guidance on these distributions

Seyfarth Synopsis: With the background of the COVID-19 pandemic, the PBGC published unofficial guidance for plan sponsors of single-employer plans on certain reportable events, PBGC premium payments and plan termination issues. The Q&As (found here) provide detail on when and how to report a failure to make required minimum contributions in light of the

As we all are aware, the global pandemic is a force to be reckoned with. Life as we now know it looks completely different than what we had expected a mere few months ago. Nowhere is this more evident than in the financial fortunes of US companies and workers. In response, Congress passed the Coronavirus

Seyfarth Synopsis: Due to the significant economic impact of COVID-19 on businesses, many plan sponsors would like to reduce or suspend contributions to safe harbor 401(k) plans this year. Normally, mid-year changes to safe harbor contributions can only be made in narrow circumstances. In response to employer requests for relief, the IRS has issued Notice

Seyfarth Synopsis: In response to immediate requests from participants for tax-favored coronavirus-related distributions (“CV Distributions”) and loans, as described in more detail in our prior post, and participants who want to begin pension benefits, the IRS has issued Notice 2020-42, which provides temporary relief from the physical presence requirement for any participant election that

Seyfarth Synopsis: The IRS has issued some initial guidance on the coronavirus-related relief for retirement plans (and IRAs) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in the form of Q&As on its website. Most of the Q&As address coronavirus-related distributions (“CV Distributions”), while one Q&A provides some IRS insight relating

Seyfarth Synopsis: The IRS has issued some initial guidance on the coronavirus-related relief for retirement plans (and IRAs) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in the form of Q&As on its website. Most of the Q&As address coronavirus-related distributions (“CV Distributions”), while one Q&A provides some IRS insight relating